Wells Fargo & Company Increases GE Vernova (NYSE:GEV) Price Target to $411.00

GE Vernova (NYSE:GEV) had its target price boosted by Wells Fargo & Company from $385.00 to $411.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently commented on GEV. Oppenheimer initiated coverage on shares of GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Morgan Stanley increased their target price on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price target for the company. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Price Performance

Shares of GEV stock opened at $332.01 on Friday. GE Vernova has a one year low of $115.00 and a one year high of $357.09. The company’s 50-day moving average is $312.53 and its 200 day moving average is $232.46.

GE Vernova announced that its Board of Directors has approved a share repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC bought a new stake in GE Vernova during the 3rd quarter worth approximately $25,116,000. Retirement Systems of Alabama increased its stake in shares of GE Vernova by 2.4% in the third quarter. Retirement Systems of Alabama now owns 61,894 shares of the company’s stock worth $15,782,000 after purchasing an additional 1,433 shares in the last quarter. Franklin Resources Inc. raised its position in shares of GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after purchasing an additional 71,067 shares during the period. Tidal Investments LLC lifted its stake in shares of GE Vernova by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock valued at $1,854,000 after buying an additional 374 shares in the last quarter. Finally, Optimist Retirement Group LLC purchased a new position in shares of GE Vernova during the 3rd quarter valued at $249,000.

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.