GE Vernova (NYSE:GEV) Trading Up 1.6% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s share price traded up 1.6% on Wednesday 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 $392.77 and last traded at $388.43. 729,311 shares were traded during trading, a decline of 72% from the average session volume of 2,619,073 shares. The stock had previously closed at $382.26.

GEV has been the subject of several other reports. Citigroup raised 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. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. TD Cowen assumed coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Finally, Wolfe Research assumed coverage on shares of GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price for the company. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $318.60.

Institutional Trading of GE Vernova

Hedge funds have recently bought and sold shares of the company. Castleview Partners LLC acquired a new position in GE Vernova in the third quarter valued at $28,000. Pathway Financial Advisers LLC purchased a new position in shares of GE Vernova during the 2nd quarter worth about $29,000. Glass Jacobson Investment Advisors llc purchased a new position in shares of GE Vernova during the 2nd quarter worth about $30,000. Covestor Ltd boosted its position in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in GE Vernova in the third quarter valued at approximately $31,000.

GE Vernova Stock Performance

The firm’s 50-day moving average is $341.28 and its 200 day moving average is $260.29.

GE Vernova Dividend Announcement

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

GE Vernova announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management 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.