GE Vernova (NYSE:GEV) Reaches New 1-Year High on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares reached a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The company traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares trading hands. The stock had previously closed at $401.41.

A number of other research firms have also commented on GEV. Jefferies Financial Group lifted their price objective on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their price target on GE Vernova from $367.00 to $374.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Wells Fargo & Company upped their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Bank of America boosted their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.85.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently modified their holdings of the stock. Cedar Mountain Advisors LLC grew its holdings in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after acquiring an additional 39 shares in the last quarter. Castleview Partners LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $28,000. Covestor Ltd grew its holdings in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares in the last quarter. Darwin Wealth Management LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $31,000. Finally, Prestige Wealth Management Group LLC lifted its stake in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter.

GE Vernova Stock Up 2.6 %

The company’s 50 day moving average is $347.50 and its 200-day moving average is $268.31.

GE Vernova (NYSE:GEV) last issued its earnings results 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 net margin of 3.67% and a return on equity of 4.22%. The firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts predict that GE Vernova Inc. will post 1.96 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.23%.

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