GE Vernova (NYSE:GEV) Shares Up 2.8% – Should You Buy?

Shares of GE Vernova Inc. (NYSE:GEV) rose 2.8% during trading on Monday . The company traded as high as $404.13 and last traded at $401.84. Approximately 2,360,990 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 2,430,212 shares. The stock had previously closed at $391.00.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Hsbc Global Res lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Jefferies Financial Group boosted their target price on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Citigroup upped their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Finally, Oppenheimer began coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating 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.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $321.35.

GE Vernova Stock Up 2.8 %

The firm has a 50 day moving average price of $344.59 and a 200 day moving average price of $265.01.

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

GE Vernova declared that its board has authorized a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of GE Vernova

Hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. purchased a new stake in shares of GE Vernova in the second quarter worth about $4,940,000. XTX Topco Ltd purchased a new stake in shares of GE Vernova during the 2nd quarter worth approximately $383,000. Intech Investment Management LLC bought a new position in shares of GE Vernova during the 2nd quarter valued at approximately $970,000. Brighton Jones LLC purchased a new position in shares of GE Vernova in the second quarter valued at $361,000. Finally, Ieq Capital LLC purchased a new position in shares of GE Vernova in the second quarter valued at $2,027,000.

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.