Cannell & Spears LLC Invests $269,000 in GE Vernova Inc. (NYSE:GEV)

Cannell & Spears LLC bought a new stake in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 819 shares of the company’s stock, valued at approximately $269,000.

A number of other hedge funds have also recently bought and sold shares of the company. MRP Capital Investments LLC acquired a new position in shares of GE Vernova in the 4th quarter worth approximately $25,000. Cedar Mountain Advisors LLC boosted its holdings 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 buying an additional 39 shares in the last quarter. Fairway Wealth LLC grew its position in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after buying an additional 55 shares during the last quarter. Pineridge Advisors LLC increased its holdings in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of GE Vernova during the 4th quarter valued at $35,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GEV shares. Evercore ISI lifted their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price target on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Barclays reduced their price objective on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a research note on Monday, March 3rd. New Street Research set a $380.00 target price on shares of GE Vernova in a report on Wednesday, March 5th. Finally, BMO Capital Markets reduced their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $349.54.

GE Vernova Stock Performance

GEV opened at $315.55 on Wednesday. The firm has a market cap of $87.06 billion and a P/E ratio of 56.75. The business has a 50 day moving average price of $341.74 and a 200 day moving average price of $324.60. GE Vernova Inc. has a twelve month low of $119.00 and a twelve month high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are 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.