GE Vernova (NYSE:GEV) Trading Up 5.2% – What’s Next?

GE Vernova Inc. (NYSE:GEV) shares shot up 5.2% during mid-day trading on Thursday . The stock traded as high as $333.85 and last traded at $333.56. 1,425,391 shares were traded during trading, a decline of 59% from the average session volume of 3,450,258 shares. The stock had previously closed at $317.12.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price target for the company. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. TD Cowen began coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Finally, Hsbc Global Res downgraded GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.35.

GE Vernova Trading Up 3.0 %

The company has a 50-day moving average of $319.21 and a 200-day moving average of $237.89.

GE Vernova Dividend Announcement

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

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

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently bought and sold shares of GEV. Deseret Mutual Benefit Administrators bought a new position in shares of GE Vernova during the 2nd quarter worth approximately $25,000. Trifecta Capital Advisors LLC acquired a new stake in GE Vernova in the second quarter worth $25,000. Meeder Asset Management Inc. bought a new stake in GE Vernova in the second quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new stake in GE Vernova in the second quarter valued at $27,000. Finally, Game Plan Financial Advisors LLC bought a new position in shares of GE Vernova during the 2nd quarter worth about $28,000.

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.