GE Vernova (NYSE:GEV) Hits New 1-Year High on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s stock price reached a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The stock traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares. The stock had previously closed at $401.41.

A number of other brokerages have also recently issued reports on GEV. Truist Financial upped their target price on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research report on Wednesday, December 11th. Bank of America upped their target price on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Wells Fargo & Company upped their target price on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Wolfe Research started coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective for the company. Seven research 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 has a consensus rating of “Moderate Buy” and a consensus target price of $326.85.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GEV. Armstrong Advisory Group Inc. increased its position in shares of GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after acquiring an additional 27 shares during the last quarter. Hengehold Capital Management LLC increased its holdings in GE Vernova by 2.4% in the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after buying an additional 29 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after buying an additional 30 shares during the last quarter. Mutual Advisors LLC increased its holdings in GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after buying an additional 31 shares during the last quarter. Finally, Pittenger & Anderson Inc. increased its holdings in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 35 shares during the last quarter.

GE Vernova Stock Up 2.6 %

The stock has a 50 day simple moving average of $347.50 and a 200 day simple moving average of $268.31.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 3.67% and a return on equity of 4.22%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities research analysts predict that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%.

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

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.