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

Shares of GE Vernova Inc. (NYSE:GEV) 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 were traded during 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 research analysts have also issued reports on the company. Evercore ISI boosted their price target on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group increased their target price on shares of GE Vernova from $400.00 to $446.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Jefferies Financial Group raised their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Finally, Guggenheim cut their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $337.48.

Hedge Funds Weigh In On GE Vernova

Large investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake 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 purchasing an additional 584,208 shares during the period. State Street Corp boosted its position in GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after buying an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC bought a new stake in GE Vernova during the third quarter worth about $2,507,296,000. Geode Capital Management LLC raised its stake 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 acquiring an additional 80,479 shares during the last quarter. Finally, WCM Investment Management LLC boosted its holdings in shares of GE Vernova by 83.1% in the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after acquiring an additional 1,161,901 shares in the last quarter.

GE Vernova Trading Up 2.4 %

The stock has a fifty day moving average of $349.37 and a two-hundred day moving average of $269.42.

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

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%.

GE Vernova declared that its board has authorized a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About GE Vernova

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.