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

GE Vernova (NYSE:GEV) had its price target raised by equities researchers at Jefferies Financial Group from $391.00 to $413.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 36.43% from the stock’s previous close.

GEV has been the topic of a number of other reports. CICC Research initiated coverage on shares of GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating on the stock. Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price target for the company in a report on Wednesday, March 5th. Johnson Rice assumed coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective on the stock. Finally, Evercore ISI upped their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $349.54.

GE Vernova Price Performance

GEV stock opened at $302.71 on Thursday. The company’s 50 day simple moving average is $345.68 and its 200-day simple moving average is $321.69. GE Vernova has a 12 month low of $119.00 and a 12 month high of $447.50. The firm has a market capitalization of $83.52 billion and a PE ratio of 54.44.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The company’s revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has authorized a share buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently made changes to their positions in GEV. FMR LLC increased its stake in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after buying an additional 814,155 shares during the period. Capital International Investors grew its stake in shares of GE Vernova by 25.3% during the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after acquiring an additional 2,994,660 shares in the last quarter. State Street Corp increased its position in shares of GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter worth about $2,507,296,000. Finally, Geode Capital Management LLC boosted its holdings in GE Vernova by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after purchasing an additional 195,828 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.