GE Vernova (NYSE:GEV) Given New $658.00 Price Target at Citigroup

GE Vernova (NYSE:GEV) had its price objective lowered by Citigroup from $670.00 to $658.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 14.29% from the company’s current price.

Several other equities research analysts have also recently issued reports on GEV. TD Cowen lowered their target price on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating on the stock in a research note on Thursday. Redburn Partners set a $475.00 price target on shares of GE Vernova in a research note on Wednesday, October 15th. Bank of America boosted their price target on shares of GE Vernova from $550.00 to $620.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Wells Fargo & Company upped their price target on GE Vernova from $474.00 to $697.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Finally, Robert W. Baird upped their price target on GE Vernova from $568.00 to $706.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $600.81.

GE Vernova Stock Performance

GE Vernova stock opened at $575.73 on Thursday. The company’s fifty day moving average price is $612.65 and its 200 day moving average price is $525.17. GE Vernova has a 1 year low of $252.25 and a 1 year high of $677.29. The stock has a market capitalization of $156.72 billion, a P/E ratio of 138.73, a P/E/G ratio of 4.24 and a beta of 1.72.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The company had revenue of $9.97 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the business posted ($0.35) EPS. GE Vernova’s revenue was up 11.8% compared to the same quarter last year. GE Vernova has set its FY 2025 guidance at EPS. Sell-side analysts predict that GE Vernova will post 6.59 EPS for the current year.

Insider Activity at GE Vernova

In other news, CFO Kenneth Scott Parks sold 3,300 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $620.00, for a total transaction of $2,046,000.00. Following the completion of the sale, the chief financial officer owned 7,590 shares in the company, valued at $4,705,800. This represents a 30.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On GE Vernova

Several large investors have recently modified their holdings of GEV. Vanguard Group Inc. raised its position in GE Vernova by 1.1% in the second quarter. Vanguard Group Inc. now owns 24,664,571 shares of the company’s stock worth $13,051,258,000 after acquiring an additional 271,958 shares in the last quarter. State Street Corp raised its position in GE Vernova by 1.9% in the second quarter. State Street Corp now owns 11,097,778 shares of the company’s stock worth $5,872,389,000 after acquiring an additional 206,650 shares in the last quarter. Geode Capital Management LLC raised its position in GE Vernova by 2.2% in the second quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after acquiring an additional 129,315 shares in the last quarter. Norges Bank purchased a new position in GE Vernova in the second quarter worth $1,809,220,000. Finally, Goldman Sachs Group Inc. raised its position in GE Vernova by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,129,958 shares of the company’s stock worth $955,513,000 after acquiring an additional 214,483 shares in the last quarter.

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.