GE Vernova (NYSE:GEV) Hits New 12-Month High – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $282.97 and last traded at $273.97, with a volume of 1481758 shares. The stock had previously closed at $276.42.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GEV shares. Royal Bank of Canada lifted their price objective on GE Vernova from $262.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday. Mizuho lifted their price objective on GE Vernova from $186.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Evercore ISI lifted their price objective on GE Vernova from $300.00 to $323.00 and gave the stock an “outperform” rating in a report on Thursday. Bank of America lifted their price objective on GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday. Finally, The Goldman Sachs Group lifted their price objective on GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $261.40.

GE Vernova Trading Up 6.1 %

The company’s 50-day moving average price is $230.78 and its 200 day moving average price is $187.97.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. The firm had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.42 billion. As a group, analysts forecast that GE Vernova Inc. will post 3.21 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Castleview Partners LLC purchased a new stake in shares of GE Vernova in the 3rd quarter valued at $28,000. Deseret Mutual Benefit Administrators purchased a new stake in GE Vernova during the second quarter worth about $25,000. Trifecta Capital Advisors LLC acquired a new stake in shares of GE Vernova during the second quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of GE Vernova in the second quarter valued at approximately $25,000. Finally, Global Trust Asset Management LLC acquired a new position in shares of GE Vernova in the second quarter valued at approximately $26,000.

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.