The Goldman Sachs Group Increases GE Vernova (NYSE:GEV) Price Target to $446.00

GE Vernova (NYSE:GEV) had its price objective increased by The Goldman Sachs Group from $400.00 to $446.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 12.51% from the company’s current price.

Several other research analysts also recently issued reports on GEV. Jefferies Financial Group upped their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Oppenheimer initiated coverage on shares of GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a report on Wednesday, December 11th. HSBC reaffirmed a “hold” rating and set a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Finally, BMO Capital Markets lifted their target price on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Seven equities research 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 MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $321.35.

GE Vernova Price Performance

GE Vernova stock traded up $9.37 on Thursday, reaching $396.40. The company’s stock had a trading volume of 1,061,750 shares, compared to its average volume of 2,640,733. The business’s fifty day moving average price is $341.28 and its 200 day moving average price is $260.29. GE Vernova has a twelve month low of $115.00 and a twelve month high of $397.18.

GE Vernova declared that its Board of Directors has authorized a share 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 buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GEV. Waverton Investment Management Ltd lifted its position in GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after acquiring an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. bought a new stake in shares of GE Vernova in the third quarter valued at about $1,101,000. Atria Investments Inc boosted its position in shares of GE Vernova by 127.0% during the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after buying an additional 2,847 shares during the period. Fractal Investments LLC acquired a new position in shares of GE Vernova during the third quarter worth about $1,530,000. Finally, Legal & General Group Plc bought a new position in shares of GE Vernova during the second quarter worth about $293,699,000.

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.