GE Vernova (NYSE:GEV) Reaches New 52-Week High – Still a Buy?

GE Vernova Inc. (NYSE:GEV) shares hit a new 52-week high on Monday . The stock traded as high as $376.30 and last traded at $371.20, with a volume of 745055 shares changing hands. The stock had previously closed at $354.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GEV shares. The Goldman Sachs Group raised their price target on shares of GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Truist Financial upped their price target on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. TD Cowen began coverage on GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Down 1.3 %

The business has a 50 day moving average price of $334.55 and a 200 day moving average price of $253.53.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%.

GE Vernova declared that its Board of Directors has initiated a stock repurchase 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 usually an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently made changes to their positions in GEV. Pittenger & Anderson Inc. grew its position in GE Vernova by 28.0% in the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after purchasing an additional 35 shares during the period. Regent Peak Wealth Advisors LLC lifted its holdings in GE Vernova by 3.8% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock worth $318,000 after purchasing an additional 35 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in shares of GE Vernova by 2.5% in the third quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock worth $400,000 after buying an additional 38 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of GE Vernova by 0.9% during the 3rd quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock valued at $1,149,000 after purchasing an additional 40 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in shares of GE Vernova by 1.9% during the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock worth $537,000 after acquiring an additional 40 shares in 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.