Royal Bank of Canada Increases GE Vernova (NYSE:GEV) Price Target to $246.00

GE Vernova (NYSE:GEV) had its price target increased by investment analysts at Royal Bank of Canada from $192.00 to $246.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 3.35% from the company’s current price.

GEV has been the subject of a number of other research reports. Morgan Stanley increased their target price on shares of GE Vernova from $220.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $216.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday. Hsbc Global Res raised shares of GE Vernova to a “strong-buy” rating in a research note on Monday, August 12th. Mizuho increased their price target on GE Vernova from $186.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets initiated coverage on GE Vernova in a research report on Friday. They set an “outperform” rating and a $245.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $217.64.

GE Vernova Price Performance

GEV traded up $8.09 during trading on Tuesday, hitting $238.02. 2,292,250 shares of the stock traded hands, compared to its average volume of 3,796,328. The business’s 50 day moving average is $183.00. GE Vernova has a twelve month low of $115.00 and a twelve month high of $240.00.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.42 billion. On average, analysts expect that GE Vernova will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Newport Trust Company LLC bought a new stake in GE Vernova in the second quarter valued at $650,140,000. Bank of New York Mellon Corp acquired a new stake in shares of GE Vernova in the 2nd quarter valued at about $537,674,000. Price T Rowe Associates Inc. MD bought a new stake in GE Vernova in the 1st quarter valued at about $367,474,000. Marshall Wace LLP acquired a new position in GE Vernova during the 2nd quarter worth approximately $399,770,000. Finally, Legal & General Group Plc acquired a new position in GE Vernova during the 2nd quarter worth approximately $293,699,000.

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.