GE Vernova (NYSE:GEV) Trading Up 0.9% Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s stock price shot up 0.9% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $420.00 to $470.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $407.44 and last traded at $405.11. 1,055,372 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 2,571,029 shares. The stock had previously closed at $401.41.

Several other research analysts have also weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday. Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Wells Fargo & Company upped their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Wolfe Research began coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. Finally, HSBC restated a “hold” rating and set a $255.00 price target (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.48.

Institutional Trading of GE Vernova

Institutional investors have recently added to or reduced their stakes in the stock. Armstrong Advisory Group Inc. raised its holdings in shares of GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares during the period. Hengehold Capital Management LLC grew its stake in shares of GE Vernova by 2.4% in the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after purchasing an additional 29 shares in the last quarter. AdvisorNet Financial Inc increased its holdings in shares of GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after purchasing an additional 30 shares during the period. Mutual Advisors LLC raised its stake in shares of GE Vernova by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after purchasing an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. lifted its holdings in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after purchasing an additional 35 shares during the period.

GE Vernova Price Performance

The stock’s 50-day moving average is $349.37 and its 200-day moving average is $269.42.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The company’s revenue was up 5.1% compared to the same quarter last year. On average, equities analysts forecast that GE Vernova Inc. will post 1.96 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.23%.

GE Vernova announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership 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.