GE Vernova (NYSE:GEV) Stock Price Down 1.6% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price was down 1.6% during mid-day trading on Monday . The stock traded as low as $353.01 and last traded at $361.40. Approximately 969,861 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 2,479,354 shares. The stock had previously closed at $367.10.

Wall Street Analyst Weigh In

GEV has been the topic of a number of research analyst reports. Guggenheim dropped their price target 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. Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays raised their price objective 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. HSBC reaffirmed a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Finally, Wolfe Research initiated coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target on the stock. Seven equities research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $318.60.

GE Vernova Price Performance

The company’s fifty day simple moving average is $341.28 and its 200 day simple moving average is $260.29.

GE Vernova Announces Dividend

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

GE Vernova declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Herbst Group LLC acquired a new position in shares of GE Vernova in the fourth quarter valued at about $2,653,000. Jackson Square Capital LLC bought a new stake in shares of GE Vernova during the 4th quarter valued at $579,000. Triangle Securities Wealth Management bought a new position in GE Vernova in the fourth quarter valued at approximately $213,000. Ameritas Advisory Services LLC boosted its stake in shares of GE Vernova by 8.1% in the 4th quarter. Ameritas Advisory Services LLC now owns 3,974 shares of the company’s stock valued at $1,307,000 after purchasing an additional 297 shares in the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of GE Vernova by 10.1% in the 4th quarter. HB Wealth Management LLC now owns 5,949 shares of the company’s stock valued at $1,957,000 after purchasing an additional 546 shares in the last quarter.

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.