Citigroup Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its price target hoisted by equities research analysts at Citigroup from $361.00 to $437.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 2.38% from the stock’s current price.

A number of other brokerages have also issued reports on GEV. Barclays raised their target price on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Oppenheimer started coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating on the stock. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company boosted their price target on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, HSBC reaffirmed a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $335.40.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $426.84 on Thursday. The company has a fifty day simple moving average of $349.37 and a 200-day simple moving average of $269.42. GE Vernova has a 12-month low of $115.00 and a 12-month high of $434.10.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities research analysts forecast that GE Vernova will post 1.96 earnings per share for the current year.

GE Vernova announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GEV. Armstrong Advisory Group Inc. boosted its stake in shares of GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares during the last quarter. Hengehold Capital Management LLC boosted its position in GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after acquiring an additional 29 shares during the last quarter. AdvisorNet Financial Inc grew its stake in GE Vernova by 1.6% in the 4th 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. Mutual Advisors LLC raised its holdings in GE Vernova by 1.2% in the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after acquiring an additional 31 shares during the last quarter. Finally, Pittenger & Anderson Inc. raised its holdings in GE Vernova by 28.0% in the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after acquiring an additional 35 shares during the last quarter.

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.