GE Vernova (NYSE:GEV) Trading 1.6% Higher After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s stock price rose 1.6% during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $400.00 to $446.00. The Goldman Sachs Group currently has a buy rating on the stock. GE Vernova traded as high as $392.77 and last traded at $388.43. Approximately 729,311 shares traded hands during trading, a decline of 72% from the average daily volume of 2,619,073 shares. The stock had previously closed at $382.26.

A number of other research firms have also commented on GEV. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. HSBC reaffirmed a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Bank of America boosted their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Barclays raised their target price on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $321.35.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of GE Vernova in the second quarter valued at about $375,000. American Century Companies Inc. bought a new stake in GE Vernova during the 2nd quarter valued at approximately $4,940,000. Envestnet Asset Management Inc. purchased a new position in GE Vernova in the 2nd quarter worth approximately $45,674,000. Massachusetts Financial Services Co. MA bought a new position in GE Vernova in the 2nd quarter worth approximately $119,390,000. Finally, Dimensional Fund Advisors LP bought a new position in GE Vernova in the 2nd quarter worth approximately $176,775,000.

GE Vernova Trading Up 1.0 %

The business’s fifty day simple moving average is $342.29 and its 200-day simple moving average is $261.18.

GE Vernova Announces Dividend

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

GE Vernova announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership 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.