GE Vernova (NYSE:GEV) Shares Gap Down – What’s Next?

GE Vernova Inc. (NYSE:GEV)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $338.94, but opened at $331.69. GE Vernova shares last traded at $343.81, with a volume of 200,188 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on GEV. TD Cowen started coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on GE Vernova from $356.00 to $367.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Citigroup upped their price objective on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Finally, William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.35.

GE Vernova Trading Up 2.4 %

The company’s 50-day moving average is $330.37 and its two-hundred day moving average is $248.55.

GE Vernova Announces Dividend

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

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Several institutional investors have recently added to or reduced their stakes in GEV. Deseret Mutual Benefit Administrators purchased a new position in GE Vernova in the 2nd quarter valued at approximately $25,000. Trifecta Capital Advisors LLC bought a new stake in shares of GE Vernova during the 2nd quarter valued at $25,000. Meeder Asset Management Inc. purchased a new stake in GE Vernova during the 2nd quarter worth about $25,000. Spectrum Wealth Counsel LLC bought a new position in GE Vernova in the 2nd quarter worth about $27,000. Finally, Castleview Partners LLC purchased a new position in GE Vernova during the 3rd quarter valued at about $28,000.

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.