GE Vernova (NYSE:GEV) Price Target Raised to $415.00 at Bank of America

GE Vernova (NYSE:GEV) had its target price hoisted by Bank of America from $380.00 to $415.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the company. HSBC restated a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Royal Bank of Canada restated an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a report on Wednesday, December 11th. Barclays boosted their price target on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target on the stock. Finally, Citigroup boosted their price target on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $318.60.

GE Vernova Trading Up 4.1 %

GEV stock opened at $381.73 on Tuesday. The business’s 50-day moving average price is $341.28 and its two-hundred day moving average price is $260.29. GE Vernova has a 1-year low of $115.00 and a 1-year high of $388.88.

GE Vernova Announces Dividend

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

GE Vernova declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently made changes to their positions in the company. Gateway Investment Advisers LLC grew its position in shares of GE Vernova by 6.8% in the fourth quarter. Gateway Investment Advisers LLC now owns 16,575 shares of the company’s stock valued at $5,452,000 after purchasing an additional 1,061 shares during the last quarter. Financial Enhancement Group LLC acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $1,743,000. Essex Savings Bank acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $235,000. HCR Wealth Advisors acquired a new position in shares of GE Vernova in the fourth quarter valued at approximately $262,000. Finally, Armstrong Advisory Group Inc. grew its position in shares of GE Vernova by 3.5% in the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares during 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.