GE Vernova (NYSE:GEV) to Buyback $6.00 billion in Outstanding Stock

GE Vernova (NYSE:GEV) announced that its board has authorized a share buyback plan on Tuesday, December 10th, RTT News reports. The company plans to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

GE Vernova Stock Up 5.0 %

Shares of NYSE:GEV opened at $343.88 on Thursday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09. The firm’s 50-day simple moving average is $307.87 and its 200-day simple moving average is $229.90.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date is Friday, December 20th.

Analysts Set New Price Targets

A number of research firms have recently commented on GEV. HSBC reiterated a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. BMO Capital Markets increased their price target on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Oppenheimer began coverage on shares of GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating for the company. Jefferies Financial Group upped their target price on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a research note on Wednesday. Seven investment 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’s stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $307.15.

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.