GE Vernova (NYSE:GEV) Stock Price Up 0.9% on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s share price traded up 0.9% during trading on Tuesday after Truist Financial raised their price target on the stock from $420.00 to $470.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $407.44 and last traded at $405.11. 1,055,372 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 2,571,029 shares. The stock had previously closed at $401.41.

A number of other equities analysts also recently weighed in on GEV. Wolfe Research started coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. TD Cowen started coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Evercore ISI lifted their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. BMO Capital Markets increased their price objective on shares of GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and a consensus target price of $337.48.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently modified their holdings of GEV. FMR LLC increased its position in GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after acquiring an additional 584,208 shares during the period. State Street Corp grew its position in shares of GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova during the third quarter worth approximately $2,507,296,000. Geode Capital Management LLC raised its position in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after buying an additional 80,479 shares in the last quarter. Finally, WCM Investment Management LLC raised its position in shares of GE Vernova by 83.1% in the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after buying an additional 1,161,901 shares in the last quarter.

GE Vernova Price Performance

The firm has a 50 day moving average of $349.37 and a 200-day moving average of $269.42.

GE Vernova (NYSE:GEV) last released its earnings results 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 company had revenue of $10.56 billion for 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% on a year-over-year basis. On average, research analysts predict that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.23%.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.