Veracity Capital LLC Acquires Shares of 2,299 GE Vernova Inc. (NYSE:GEV)

Veracity Capital LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV) during the fourth quarter, Holdings Channel reports. The firm bought 2,299 shares of the company’s stock, valued at approximately $756,000.

Other hedge funds also recently made changes to their positions in the company. Castleview Partners LLC purchased a new stake in GE Vernova during the third quarter worth about $28,000. Pathway Financial Advisers LLC purchased a new stake in shares of GE Vernova during the 2nd quarter worth approximately $29,000. Covestor Ltd raised its holdings in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the period. Darwin Wealth Management LLC purchased a new position in GE Vernova in the third quarter valued at approximately $31,000. Finally, Prestige Wealth Management Group LLC lifted its stake in GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have issued reports on GEV shares. Evercore ISI boosted their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 price objective on shares of GE Vernova in a report on Wednesday, December 11th. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. 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 research note on Wednesday, December 11th. Finally, Wells Fargo & Company boosted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Seven investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $337.48.

GE Vernova Stock Up 2.4 %

Shares of GEV opened at $437.37 on Friday. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $447.50. The firm’s 50 day simple moving average is $349.37 and its 200 day simple moving average is $269.42.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates 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. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has approved a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

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.