GE Vernova (NYSE:GEV) Price Target Raised to $470.00

GE Vernova (NYSE:GEV) had its price target lifted by equities researchers at Truist Financial from $420.00 to $470.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 6.10% from the stock’s current price.

A number of other equities analysts also recently commented on GEV. Guggenheim reduced their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Morgan Stanley lifted their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday. Evercore ISI raised their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Finally, Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $337.48.

GE Vernova Stock Up 3.7 %

Shares of GE Vernova stock traded up $15.90 on Thursday, reaching $443.00. The company’s stock had a trading volume of 1,685,474 shares, compared to its average volume of 2,899,519. The stock has a 50-day moving average price of $349.37 and a 200-day moving average price of $269.42. GE Vernova has a 52-week low of $115.00 and a 52-week high of $442.00.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The business’s revenue was up 5.1% on a year-over-year basis. On average, analysts anticipate that GE Vernova will post 1.96 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a stock repurchase plan 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 plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cedar Mountain Advisors LLC increased its position in shares of 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 purchasing an additional 39 shares in the last quarter. Castleview Partners LLC acquired a new position in GE Vernova during the third quarter worth approximately $28,000. Pathway Financial Advisers LLC purchased a new stake in GE Vernova in the second quarter valued at approximately $29,000. Covestor Ltd boosted its holdings in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at $31,000.

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.