GE Vernova (NYSE:GEV) Given New $390.00 Price Target at Evercore ISI

GE Vernova (NYSE:GEV) had its price objective upped by equities research analysts at Evercore ISI from $385.00 to $390.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s target price points to a potential upside of 12.32% from the company’s previous close.

A number of other brokerages also recently weighed in on GEV. TD Cowen began 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 for the company. Truist Financial increased their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Financial Group increased their price objective on shares of GE Vernova from $293.00 to $336.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Bank of America raised their price objective on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Citigroup raised their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.69.

GE Vernova Trading Up 6.1 %

NYSE:GEV traded up $19.84 during trading hours on Wednesday, reaching $347.23. 3,177,394 shares of the company’s stock were exchanged, compared to its average volume of 3,433,830. GE Vernova has a 12 month low of $115.00 and a 12 month high of $357.09. The business’s 50-day simple moving average is $307.87 and its two-hundred day simple moving average is $229.90.

GE Vernova announced that its board has authorized a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

Hedge funds have recently modified their holdings of the stock. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova during the 3rd quarter valued at about $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $650,140,000. Bank of New York Mellon Corp acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $537,674,000. Marshall Wace LLP acquired a new position in shares of GE Vernova in the 2nd quarter valued at approximately $399,770,000. Finally, Legal & General Group Plc acquired a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $293,699,000.

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.