GE Vernova (NYSE:GEV) Shares Gap Down – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) gapped down prior to trading on Friday . The stock had previously closed at $338.94, but opened at $331.69. GE Vernova shares last traded at $343.81, with a volume of 200,188 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Guggenheim reduced their target price on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research report on Wednesday, December 11th. TD Cowen initiated coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target for the company. Finally, 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. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Stock Performance

The stock has a 50 day moving average price of $330.37 and a two-hundred day moving average price of $248.55.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its Board of Directors has approved a stock buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Large investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc bought a new stake in shares of GE Vernova during the 2nd quarter valued at $6,322,000. TIAA Trust National Association bought a new stake in GE Vernova during the second quarter worth about $1,667,000. Oregon Public Employees Retirement Fund acquired a new position in GE Vernova during the second quarter valued at approximately $4,036,000. Simon Quick Advisors LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth $227,000. Finally, Foundations Investment Advisors LLC bought a new position in GE Vernova in the second quarter valued at about $384,000.

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.