William Blair Reaffirms “Outperform” Rating for GE Vernova (NYSE:GEV)

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating restated by research analysts at William Blair in a research note issued to investors on Thursday,RTT News reports.

Several other equities research analysts have also issued reports on the company. Wolfe Research assumed coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. HSBC reissued a “hold” rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Raymond James lowered shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Barclays increased their price objective on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $337.48.

GE Vernova Stock Performance

Shares of GEV stock traded up $10.27 during mid-day trading on Thursday, reaching $437.37. The company’s stock had a trading volume of 3,920,447 shares, compared to its average volume of 3,074,254. The company’s 50 day simple moving average is $349.37 and its 200-day simple moving average is $269.42. GE Vernova has a 12-month low of $115.00 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The firm had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts anticipate that GE Vernova will post 1.96 EPS for the current year.

GE Vernova announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

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