GE Vernova (NYSE:GEV) Shares Up 4.9% on Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) were up 4.9% during trading on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $384.81. Approximately 1,047,383 shares were traded during trading, a decline of 60% from the average daily volume of 2,591,083 shares. The stock had previously closed at $366.81.

A number of other equities analysts have also recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $324.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Oppenheimer started coverage on GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. HSBC reiterated a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Barclays raised their target price on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $318.60.

Institutional Trading of GE Vernova

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 shares during the period. State Street Corp boosted its position in shares of GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter worth approximately $2,507,296,000. Geode Capital Management LLC increased its position in GE Vernova by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after buying an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC purchased a new position in GE Vernova during the second quarter valued at $650,140,000.

GE Vernova Stock Up 4.6 %

The company has a fifty day simple moving average of $339.96 and a 200 day simple moving average of $258.81.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Friday, December 20th.

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