GE Vernova (NYSE:GEV – Free Report) had its target price hoisted by The Goldman Sachs Group from $446.00 to $500.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.
GEV has been the subject of several other reports. Wolfe Research began coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Guggenheim downgraded shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a research report on Friday. Bank of America lifted their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Barclays raised their price target on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, HSBC reaffirmed a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $339.73.
Read Our Latest Analysis on GE Vernova
GE Vernova Stock Down 4.2 %
GE Vernova (NYSE:GEV – Get Free Report) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities analysts anticipate that GE Vernova will post 6.61 EPS for the current fiscal year.
GE Vernova Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.
GE Vernova announced that its board has initiated a share repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Institutional Investors Weigh In On GE Vernova
A number of large investors have recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC boosted its position in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new position in shares of GE Vernova in the third quarter worth about $28,000. Pathway Financial Advisers LLC purchased a new position in GE Vernova in the second quarter valued at about $29,000. Covestor Ltd grew its stake in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in GE Vernova during the 3rd quarter worth approximately $31,000.
GE Vernova Company Profile
GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.
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