Truist Financial Increases GE Vernova (NYSE:GEV) Price Target to $420.00

GE Vernova (NYSE:GEV) had its price target increased by research analysts at Truist Financial from $400.00 to $420.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 8.21% from the company’s previous close.

GEV has been the subject of several other research reports. Morgan Stanley raised their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. TD Cowen started coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. Raymond James cut shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Oppenheimer started coverage on shares of GE Vernova in a research report on Thursday, September 26th. They issued a “market perform” rating for the company. Finally, The Goldman Sachs Group boosted their price target on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $319.44.

GE Vernova Stock Up 0.3 %

GE Vernova stock traded up $1.12 during trading on Thursday, hitting $388.15. The company had a trading volume of 161,356 shares, compared to its average volume of 2,558,973. GE Vernova has a 1-year low of $115.00 and a 1-year high of $396.00. The company’s 50 day simple moving average is $341.28 and its 200-day simple moving average is $260.29.

GE Vernova announced that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently added to or reduced their stakes in GEV. Armstrong Advisory Group Inc. increased its stake in GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares during the last quarter. AdvisorNet Financial Inc raised its stake in GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares during the period. Pittenger & Anderson Inc. lifted its holdings in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after acquiring an additional 35 shares during the last quarter. Regent Peak Wealth Advisors LLC boosted its stake in GE Vernova by 3.8% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock valued at $318,000 after acquiring an additional 35 shares during the period. Finally, SteelPeak Wealth LLC grew its holdings in shares of GE Vernova by 2.5% during the third quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock valued at $400,000 after purchasing an additional 38 shares during the last quarter.

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.