GE Vernova (NYSE:GEV) Trading 1.9% Higher Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) rose 1.9% on Thursday 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 $435.99 and last traded at $435.19. Approximately 812,392 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 2,838,909 shares. The stock had previously closed at $427.10.

Several other research firms also recently issued reports on GEV. HSBC reissued a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday. Guggenheim decreased their target price on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Jefferies Financial Group increased their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $337.48.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cedar Mountain Advisors LLC boosted its holdings in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of GE Vernova during the 3rd quarter valued at approximately $28,000. Pathway Financial Advisers LLC purchased a new position in GE Vernova in the second quarter worth approximately $29,000. Covestor Ltd increased its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in GE Vernova in the third quarter valued at $31,000.

GE Vernova Stock Up 2.4 %

The stock has a 50-day simple moving average of $349.37 and a 200 day simple moving average of $269.42.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities research analysts expect that GE Vernova Inc. will post 1.96 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders 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 annualized dividend and a dividend yield of 0.23%.

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