GE Vernova (NYSE:GEV) Stock Price Up 4.9% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s stock price shot up 4.9% 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 $384.81. 1,047,383 shares traded hands during trading, a decline of 60% from the average session volume of 2,591,083 shares. The stock had previously closed at $366.81.

Several other equities analysts have also recently weighed in on GEV. Evercore ISI raised their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. BMO Capital Markets raised their price objective on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Barclays raised their target price on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned 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 an average price target of $318.60.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Armstrong Advisory Group Inc. grew its holdings in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after buying an additional 27 shares in the last quarter. AdvisorNet Financial Inc grew its holdings in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after buying an additional 30 shares in the last quarter. Pittenger & Anderson Inc. boosted its position in shares of GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after acquiring an additional 35 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its position in shares of GE Vernova by 3.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock valued at $318,000 after acquiring an additional 35 shares during the last quarter. Finally, SteelPeak Wealth LLC boosted its position in shares of GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock valued at $400,000 after acquiring an additional 38 shares during the last quarter.

GE Vernova Trading Up 1.1 %

The stock has a 50-day moving average price of $341.28 and a 200-day moving average price of $260.29.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.26%.

GE Vernova announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.