GE Vernova (NYSE:GEV) Trading 0.9% Higher on Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) traded up 0.9% on Tuesday after Truist Financial raised their price target on the stock from $420.00 to $470.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $407.44 and last traded at $405.11. 1,055,372 shares were traded during trading, a decline of 59% from the average session volume of 2,571,029 shares. The stock had previously closed at $401.41.

Several other equities analysts have also recently weighed in on GEV. Citigroup lifted their target price on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday. Wells Fargo & Company upped their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. HSBC reissued a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Bank of America upped their price target on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Seven 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $337.48.

Institutional Trading of GE Vernova

Hedge funds have recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC lifted its holdings in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new position in GE Vernova during the 3rd quarter valued at $28,000. Pathway Financial Advisers LLC bought a new stake in GE Vernova in the 2nd quarter valued at $29,000. Covestor Ltd grew its position in GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of GE Vernova during the 3rd quarter worth about $31,000.

GE Vernova Trading Up 2.4 %

The stock’s 50-day moving average price is $349.37 and its 200 day moving average price is $269.42.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts forecast that GE Vernova Inc. will post 1.96 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date is Friday, December 20th.

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

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.