GE Vernova (NYSE:GEV) to Repurchase $6.00 billion in Stock

GE Vernova (NYSE:GEV) declared that its board has authorized a share repurchase program on Tuesday, December 10th, RTT News reports. The company plans to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

GEV has been the topic of a number of research reports. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. Royal Bank of Canada raised their target price on GE Vernova from $285.00 to $376.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Wells Fargo & Company assumed coverage on shares of GE Vernova in a research report on Thursday, November 21st. They set an “overweight” rating and a $385.00 price target on the stock. Finally, Hsbc Global Res cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.73.

GE Vernova Trading Down 2.3 %

Shares of GEV stock traded down $7.84 during trading on Tuesday, reaching $327.41. The company’s stock had a trading volume of 3,468,298 shares, compared to its average volume of 3,435,699. GE Vernova has a 1-year low of $115.00 and a 1-year high of $357.09. The stock’s 50-day moving average price is $306.45 and its 200 day moving average price is $228.84.

GE Vernova Announces Dividend

The firm 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 $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.31%.

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.