GE Vernova (NYSE:GEV) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

GE Vernova (NYSE:GEV) had its target price increased by JPMorgan Chase & Co. from $356.00 to $367.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on GEV. Bank of America increased their target price on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. HSBC reissued a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Wells Fargo & Company began coverage on GE Vernova in a research report on Thursday, November 21st. They set an “overweight” rating and a $385.00 target price on the stock. Guggenheim lowered their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Hsbc Global Res lowered 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Trading Up 0.6 %

Shares of GE Vernova stock opened at $332.01 on Wednesday. The company has a 50-day simple moving average of $312.53 and a two-hundred day simple moving average of $232.46. GE Vernova has a one year low of $115.00 and a one year high of $357.09.

GE Vernova announced that its board has initiated a stock buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently made changes to their positions in GEV. Deseret Mutual Benefit Administrators purchased a new stake in shares of GE Vernova during the second quarter worth approximately $25,000. Trifecta Capital Advisors LLC acquired a new stake in shares of GE Vernova in the second quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new position in shares of GE Vernova in the second quarter worth about $25,000. Timber Creek Capital Management LLC acquired a new position in GE Vernova during the second quarter worth about $27,000. Finally, Gradient Investments LLC purchased a new stake in GE Vernova during the 2nd quarter valued at about $27,000.

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.