GE Vernova (NYSE:GEV) Price Target Raised to $415.00

GE Vernova (NYSE:GEV) had its price objective boosted by analysts at Bank of America from $380.00 to $415.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 13.34% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company upped their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Wolfe Research initiated coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. HSBC reissued a “hold” rating and set a $255.00 price target (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, 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 price objective for the company. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $318.60.

GE Vernova Price Performance

NYSE GEV opened at $366.14 on Tuesday. The company’s 50-day simple moving average is $339.96 and its two-hundred day simple moving average is $258.81. GE Vernova has a one year low of $115.00 and a one year high of $376.30.

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

Institutional Trading of GE Vernova

A number of hedge funds have recently modified their holdings of GEV. Mountaineer Partners Management LLC acquired a new position in GE Vernova in the third quarter valued at approximately $2,507,296,000. Newport Trust Company LLC purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $650,140,000. Marshall Wace LLP purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $399,770,000. Legal & General Group Plc acquired a new position in shares of GE Vernova in the 2nd quarter valued at $293,699,000. Finally, Electron Capital Partners LLC boosted its holdings in GE Vernova by 1,641.3% during the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock worth $290,589,000 after buying an additional 1,596,996 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.