GE Vernova (NYSE:GEV) Trading Up 0.9% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s share price was up 0.9% during trading on Tuesday . The company traded as high as $407.44 and last traded at $405.11. Approximately 1,055,372 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 2,571,029 shares. The stock had previously closed at $401.41.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GEV. Truist Financial increased their target price on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Evercore ISI lifted their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. HSBC restated a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Jefferies Financial Group boosted their price objective on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Barclays raised their target price on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. 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 stock. According to data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $321.35.

GE Vernova Stock Performance

The firm has a 50-day moving average price of $345.63 and a 200 day moving average price of $266.62.

GE Vernova Dividend Announcement

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 paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.24%.

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

Institutional Investors Weigh In On GE Vernova

A number of hedge funds have recently bought and sold shares of the stock. Cedar Mountain Advisors LLC increased its stake in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares during the period. Castleview Partners LLC purchased a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $28,000. Pathway Financial Advisers LLC purchased a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $29,000. Covestor Ltd raised its holdings in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova during the 3rd quarter worth $31,000.

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.