GE Vernova (NYSE:GEV) Price Target Raised to $437.00 at Citigroup

GE Vernova (NYSE:GEV) had its price objective raised by research analysts at Citigroup from $361.00 to $437.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective indicates a potential upside of 4.23% from the company’s current price.

Several other research analysts have also recently issued reports on GEV. Hsbc Global Res cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Truist Financial lifted their price objective on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. 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 research note on Friday, December 13th. Oppenheimer began coverage on GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating for the company. Finally, Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

GE Vernova stock opened at $419.27 on Thursday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The company has a market cap of $115.57 billion and a PE ratio of 75.41. The business’s 50-day simple moving average is $351.59 and its two-hundred day simple moving average is $270.59.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts predict that GE Vernova will post 6.61 EPS for the current fiscal year.

GE Vernova announced that its board has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. Cedar Mountain Advisors LLC raised its holdings in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of GE Vernova in the third quarter valued at approximately $28,000. Pathway Financial Advisers LLC acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $29,000. Covestor Ltd lifted its position in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after buying an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the third quarter worth $31,000.

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.