GE Vernova (NYSE:GEV) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of GE Vernova (NYSE:GEV) in a research note released on Tuesday morning,Benzinga reports. They currently have a $453.00 price target on the stock.

A number of other equities analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Morgan Stanley increased their price target on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Wells Fargo & Company boosted their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Evercore ISI upped their price objective on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group raised their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $354.80 on Tuesday. GE Vernova has a 52-week low of $115.00 and a 52-week high of $447.50. The business’s 50 day simple moving average is $353.47 and its 200 day simple moving average is $274.72. The firm has a market cap of $97.80 billion and a PE ratio of 63.81.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The company’s revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts predict that GE Vernova will post 6.61 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. GE Vernova’s payout ratio is presently 17.99%.

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

Institutional Trading of GE Vernova

Several large investors have recently modified their holdings of the stock. Cedar Mountain Advisors LLC lifted its position in 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 purchasing an additional 39 shares during the period. Castleview Partners LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at approximately $28,000. Riggs Asset Managment Co. Inc. lifted its holdings in shares of GE Vernova by 93.4% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after acquiring an additional 57 shares during the period. Covestor Ltd boosted its position in shares of GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC bought a new position in GE Vernova in the third quarter valued at approximately $31,000.

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.