Truist Financial Issues Positive Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its price objective increased by Truist Financial from $420.00 to $470.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the company. Wolfe Research assumed coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target on the stock. Morgan Stanley raised their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. The Goldman Sachs Group boosted their price objective on shares of GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.48.

GE Vernova Stock Up 2.4 %

Shares of NYSE GEV opened at $437.37 on Thursday. The firm’s fifty day moving average is $349.37 and its 200 day moving average is $269.42. GE Vernova has a 52 week low of $115.00 and a 52 week high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. Equities research analysts expect that GE Vernova will post 1.96 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently announced 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 is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.23%.

GE Vernova declared that its board has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Waverton Investment Management Ltd grew its holdings in GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. acquired a new position in shares of GE Vernova during the 3rd quarter worth about $1,101,000. Atria Investments Inc lifted its stake in GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after buying an additional 2,847 shares in the last quarter. Fractal Investments LLC acquired a new stake in GE Vernova in the 3rd quarter worth about $1,530,000. Finally, Legal & General Group Plc purchased a new stake in GE Vernova during the 2nd quarter worth approximately $293,699,000.

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.