GE Vernova (NYSE:GEV) Upgraded at Guggenheim

GE Vernova (NYSE:GEV) was upgraded by Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $380.00 price objective on the stock. Guggenheim’s price objective would suggest a potential upside of 21.58% from the company’s previous close.

Several other equities research analysts have also recently issued reports on GEV. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Morgan Stanley boosted their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. CICC Research began coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating on the stock. Robert W. Baird began coverage on GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $347.83.

GE Vernova Stock Performance

Shares of GEV opened at $312.56 on Wednesday. The firm has a 50-day simple moving average of $362.56 and a 200-day simple moving average of $308.16. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The company has a market capitalization of $86.24 billion and a price-to-earnings ratio of 56.22.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The company’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 6.59 EPS for the current year.

GE Vernova declared that its board has approved a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of GE Vernova

Several large investors have recently bought and sold shares of the business. FMR LLC grew its position in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after acquiring an additional 814,155 shares during the last quarter. Capital International Investors grew its stake in shares of GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after buying an additional 2,994,660 shares during the period. State Street Corp raised its position in shares of GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after purchasing an additional 118,184 shares during the period. Mountaineer Partners Management LLC bought a new stake in GE Vernova during the 3rd quarter worth approximately $2,507,296,000. Finally, Geode Capital Management LLC raised its position in GE Vernova by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after buying an additional 195,828 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.