GE Vernova (NYSE:GEV) Price Target Raised to $437.00

GE Vernova (NYSE:GEV) had its price objective lifted by Citigroup from $361.00 to $437.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. Oppenheimer initiated coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating on the stock. Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group lifted their target price on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Price Performance

Shares of GEV stock opened at $419.27 on Thursday. The stock’s fifty day moving average price is $353.38 and its 200 day moving average price is $272.29. GE Vernova has a 1-year low of $115.00 and a 1-year high of $447.50. The company has a market cap of $115.57 billion and a price-to-earnings ratio of 75.41.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts anticipate that GE Vernova will post 6.61 earnings per share for the current year.

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

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

Institutional Investors Weigh In On GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. purchased a new stake in shares of GE Vernova during the second quarter worth about $4,940,000. XTX Topco Ltd acquired a new stake in GE Vernova in the 2nd quarter worth about $383,000. Intech Investment Management LLC purchased a new stake in GE Vernova during the 2nd quarter worth approximately $970,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of GE Vernova during the second quarter valued at approximately $368,000. Finally, Sei Investments Co. purchased a new position in shares of GE Vernova in the second quarter valued at approximately $14,126,000.

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.