GE Vernova (NYSE:GEV) Trading 2.8% Higher – Still a Buy?

GE Vernova Inc. (NYSE:GEV) was up 2.8% during trading on Monday . The company traded as high as $404.13 and last traded at $401.84. Approximately 2,360,990 shares traded hands during trading, a decline of 3% from the average daily volume of 2,430,212 shares. The stock had previously closed at $391.00.

Analysts Set New Price Targets

GEV has been the topic of several recent analyst reports. Oppenheimer assumed coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective on the stock. The Goldman Sachs Group lifted their target price on GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a report on Wednesday, December 11th. Finally, Morgan Stanley lifted their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $326.85.

GE Vernova Stock Up 3.8 %

The company has a 50 day moving average of $345.63 and a 200 day moving average of $266.62.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova announced that its Board of Directors has authorized 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC grew its holdings in GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the last quarter. Castleview Partners LLC bought a new stake in shares of GE Vernova during the 3rd quarter worth $28,000. Pathway Financial Advisers LLC acquired a new position in GE Vernova in the 2nd quarter valued at $29,000. Covestor Ltd raised its holdings in GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the 3rd quarter worth $31,000.

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.