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

GE Vernova Inc. (NYSE:GEV)’s stock price shot up 1.6% on Wednesday after Truist Financial raised their price target on the stock from $420.00 to $470.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $434.10 and last traded at $422.47. 2,377,028 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 2,791,498 shares. The stock had previously closed at $416.00.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a research note on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 target price on the stock. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Finally, Bank of America lifted their price target on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $337.48.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Waverton Investment Management Ltd lifted its position in shares of GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after buying an additional 66,455 shares during the last quarter. Hanlon Investment Management Inc. purchased a new stake in shares of GE Vernova during the 3rd quarter worth approximately $1,101,000. Atria Investments Inc lifted its position in shares of GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after buying an additional 2,847 shares during the last quarter. Fractal Investments LLC purchased a new stake in shares of GE Vernova during the 3rd quarter worth approximately $1,530,000. Finally, Legal & General Group Plc purchased a new stake in shares of GE Vernova during the 2nd quarter worth approximately $293,699,000.

GE Vernova Trading Up 2.4 %

The firm’s 50-day moving average price is $349.37 and its two-hundred day moving average price is $269.42.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data 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). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. As a group, research analysts expect that GE Vernova Inc. will post 1.96 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.23%.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are 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.