Stock Traders Buy Large Volume of Call Options on GE Vernova (NYSE:GEV)

GE Vernova Inc. (NYSE:GEV) saw unusually large options trading on Monday. Stock investors acquired 20,309 call options on the stock. This is an increase of 136% compared to the average volume of 8,613 call options.

Wall Street Analyst Weigh In

Several analysts have issued reports on GEV shares. 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 price objective for the company. The Goldman Sachs Group raised their price target on GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Truist Financial upped their price objective on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of GE Vernova from $356.00 to $367.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Seven investment 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.35.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds have recently modified their holdings of GEV. Regent Peak Wealth Advisors LLC grew its holdings in GE Vernova by 3.8% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock valued at $318,000 after buying an additional 35 shares in the last quarter. Diversified Trust Co raised its stake in GE Vernova by 61.9% during the fourth quarter. Diversified Trust Co now owns 15,079 shares of the company’s stock worth $4,960,000 after purchasing an additional 5,768 shares during the period. Canandaigua National Bank & Trust Co. boosted its holdings in GE Vernova by 1.7% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 2,691 shares of the company’s stock valued at $885,000 after purchasing an additional 45 shares during the last quarter. CWA Asset Management Group LLC increased its holdings in shares of GE Vernova by 15.3% during the 4th quarter. CWA Asset Management Group LLC now owns 1,338 shares of the company’s stock worth $440,000 after buying an additional 178 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of GE Vernova by 11.8% during the 4th quarter. GAMMA Investing LLC now owns 6,473 shares of the company’s stock worth $2,129,000 after buying an additional 681 shares during the last quarter.

GE Vernova Stock Down 1.3 %

NYSE GEV opened at $366.57 on Wednesday. GE Vernova has a twelve month low of $115.00 and a twelve month high of $376.30. The stock has a 50-day moving average of $334.55 and a 200 day moving average of $253.53.

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 0.27%.

GE Vernova announced that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.