GE Vernova (NYSE:GEV) Stock Price Expected to Rise, Truist Financial Analyst Says

GE Vernova (NYSE:GEV) had its price target raised by Truist Financial from $420.00 to $470.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently commented on GEV. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Bank of America boosted their price objective on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Barclays upped their target price on shares of GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank of Canada reissued an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a research note on Wednesday, December 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Down 4.2 %

GE Vernova stock opened at $419.27 on Thursday. GE Vernova has a 12-month low of $115.00 and a 12-month high of $447.50. The stock has a 50-day simple moving average of $353.38 and a 200 day simple moving average of $272.29. The stock has a market capitalization of $115.57 billion and a price-to-earnings ratio of 75.41.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that GE Vernova will post 6.61 EPS for the current 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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.24%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio is 17.99%.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. boosted its position in shares of GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after buying an additional 27 shares during the period. Hengehold Capital Management LLC boosted its position in GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after acquiring an additional 29 shares during the last quarter. AdvisorNet Financial Inc boosted its position in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares during the last quarter. Mutual Advisors LLC grew its stake in shares of GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after acquiring an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its holdings in shares of GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after purchasing an additional 35 shares during the last quarter.

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.