Royal Bank of Canada Issues Pessimistic Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its price target decreased by stock analysts at Royal Bank of Canada from $453.00 to $445.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 40.79% from the company’s previous close.

Several other research analysts have also commented on GEV. New Street Research set a $380.00 price target on GE Vernova in a research report on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. BMO Capital Markets reduced their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Truist Financial lifted their target price on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Finally, Bank of America boosted their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Seven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $348.72.

GE Vernova Price Performance

Shares of GEV stock traded down $15.88 on Tuesday, hitting $316.08. 1,065,134 shares of the company’s stock were exchanged, compared to its average volume of 3,518,686. GE Vernova has a 12 month low of $119.00 and a 12 month high of $447.50. The stock has a market cap of $87.21 billion and a P/E ratio of 56.90. The company has a 50 day moving average of $354.99 and a 200 day moving average of $315.42.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The company’s revenue was up 5.1% compared to the same quarter last year. Sell-side analysts predict that GE Vernova will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently modified their holdings of the business. Cedar Mountain Advisors LLC boosted its stake in GE Vernova by 102.6% in the fourth 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. MRP Capital Investments LLC purchased a new position in GE Vernova during the 4th quarter valued at about $25,000. Fairway Wealth LLC raised its holdings in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after buying an additional 55 shares during the last quarter. Pineridge Advisors LLC grew its stake in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares during the period. Finally, Navigoe LLC bought a new stake in GE Vernova during the fourth quarter valued at approximately $27,000.

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.