GE Vernova (NYSE:GEV) Given Outperform Rating at Royal Bank of Canada

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $453.00 price objective on the stock. Royal Bank of Canada’s price target indicates a potential upside of 33.88% from the company’s current price.

GEV has been the subject of a number of other research reports. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective for the company. in a research report on Friday. Barclays lifted their price objective on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Finally, The Goldman Sachs Group boosted their price target on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $342.94.

GE Vernova Trading Up 2.5 %

GEV traded up $8.37 during midday trading on Tuesday, reaching $338.37. The company’s stock had a trading volume of 2,490,880 shares, compared to its average volume of 3,652,653. The company has a fifty day simple moving average of $353.38 and a 200 day simple moving average of $273.64. The stock has a market cap of $93.27 billion and a P/E ratio of 60.87. GE Vernova has a twelve month low of $115.00 and a twelve month high of $447.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company 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. Sell-side analysts expect that GE Vernova will post 6.61 earnings per share for the current year.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently added to or reduced their stakes in the company. Waverton Investment Management Ltd grew its holdings in shares of GE Vernova by 10.0% during the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after buying an additional 66,455 shares in the last quarter. Register Financial Advisors LLC bought a new position in shares of GE Vernova during the 4th quarter worth approximately $206,000. Hanlon Investment Management Inc. acquired a new stake in shares of GE Vernova in the third quarter valued at approximately $1,101,000. Atria Investments Inc lifted its position in shares of GE Vernova by 127.0% in the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares in the last quarter. Finally, Fractal Investments LLC acquired a new position in GE Vernova during the third quarter worth $1,530,000.

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.