GE Vernova (NYSE:GEV) Trading Up 2.8% – Here’s Why

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

Analyst Ratings Changes

Several analysts have recently issued reports on GEV shares. Oppenheimer assumed coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating for the company. William Blair reissued an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Morgan Stanley lifted their price objective on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. HSBC reissued a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Evercore ISI lifted their price target 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. Seven 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. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $326.85.

GE Vernova Trading Up 3.8 %

The business has a 50-day moving average price of $345.63 and a two-hundred day moving average price of $266.62.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.24%.

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 outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

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