Royal Bank of Canada Reaffirms “Outperform” Rating for GE Vernova (NYSE:GEV)

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued on Tuesday,Benzinga reports. They presently have a $453.00 target price on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 28.09% from the stock’s previous close.

A number of other brokerages have also issued reports on GEV. Evercore ISI lifted their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Citigroup raised their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Finally, HSBC restated a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $342.94.

GE Vernova Stock Down 0.4 %

GE Vernova stock opened at $353.65 on Tuesday. The company has a 50 day moving average of $353.77 and a 200-day moving average of $275.94. GE Vernova has a twelve month low of $115.00 and a twelve month high of $447.50. The stock has a market capitalization of $97.48 billion and a PE ratio of 63.61.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The firm’s revenue was up 5.1% on a year-over-year basis. Equities analysts anticipate that GE Vernova will post 6.61 EPS for the current fiscal year.

GE Vernova announced that its board has initiated a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of GE Vernova by 2.5% in the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 shares in the last quarter. State Street Corp boosted its holdings in GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the period. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth approximately $2,507,296,000. Geode Capital Management LLC grew its position in shares of GE Vernova by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, WCM Investment Management LLC increased its holdings in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after purchasing an additional 1,161,901 shares during the period.

About GE Vernova

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.