Barclays Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its target price boosted by equities researchers at Barclays from $420.00 to $487.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 14.09% from the company’s previous close.

GEV has been the topic of a number of other research reports. Morgan Stanley boosted their price objective on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Jefferies Financial Group upped their price target on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research report on Thursday. Oppenheimer initiated coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. Finally, HSBC reaffirmed a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Seven 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $335.40.

GE Vernova Trading Up 2.6 %

Shares of NYSE:GEV opened at $426.84 on Thursday. The stock has a 50-day simple moving average of $349.37 and a 200-day simple moving average of $269.42. GE Vernova has a 1 year low of $115.00 and a 1 year high of $434.10.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities analysts predict that GE Vernova will post 1.96 earnings per share for the current fiscal year.

GE Vernova declared that its Board of Directors has approved a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the stock. Mountaineer Partners Management LLC bought a new position in GE Vernova in the 3rd quarter worth about $2,507,296,000. Legal & General Group Plc bought a new stake in shares of GE Vernova in the 2nd quarter worth $293,699,000. Electron Capital Partners LLC lifted its holdings in shares of GE Vernova by 1,641.3% in the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after buying an additional 1,596,996 shares during the period. International Assets Investment Management LLC lifted its holdings in GE Vernova by 35,238.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after acquiring an additional 1,431,729 shares during the last quarter. Finally, WCM Investment Management LLC lifted its stake in GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after purchasing an additional 1,161,901 shares during 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.