GE Vernova (NYSE:GEV) Sets New 52-Week High Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) reached a new 52-week high during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $386.14, with a volume of 473892 shares trading hands. The stock had previously closed at $366.81.

A number of other analysts have also recently issued reports on GEV. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price target on shares of GE Vernova from $367.00 to $374.00 and gave the company an “overweight” rating in a research report on Tuesday. Morgan Stanley lifted their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Truist Financial lifted their price target on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.60.

Institutional Investors Weigh In On GE Vernova

Several institutional investors and hedge funds have recently bought and sold shares of the business. Aaron Wealth Advisors LLC increased its holdings in GE Vernova by 3.8% in the 4th quarter. Aaron Wealth Advisors LLC now owns 1,559 shares of the company’s stock valued at $513,000 after buying an additional 57 shares during the period. BNC Wealth Management LLC increased its holdings in GE Vernova by 6.9% in the 4th quarter. BNC Wealth Management LLC now owns 945 shares of the company’s stock valued at $311,000 after buying an additional 61 shares during the period. Herbst Group LLC bought a new stake in GE Vernova in the 4th quarter valued at $2,653,000. Jackson Square Capital LLC bought a new stake in GE Vernova in the 4th quarter valued at $579,000. Finally, Triangle Securities Wealth Management bought a new stake in GE Vernova in the 4th quarter valued at $213,000.

GE Vernova Stock Up 1.1 %

The company’s fifty day simple moving average is $341.28 and its 200-day simple moving average is $260.29.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

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

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.