GE Vernova’s (GEV) “Outperform” Rating Reiterated at Royal Bank of Canada

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating reiterated by equities research analysts at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They currently have a $453.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 33.88% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. TD Cowen began coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Truist Financial increased their price target on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. 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, The Goldman Sachs Group raised their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and a consensus price target of $342.94.

GE Vernova Stock Up 2.5 %

NYSE GEV traded up $8.37 on Tuesday, hitting $338.37. The stock had a trading volume of 2,490,880 shares, compared to its average volume of 3,652,653. The company’s 50-day moving average is $353.38 and its two-hundred day moving average is $273.64. The stock has a market cap of $93.27 billion and a price-to-earnings ratio of 60.87. GE Vernova has a one year low of $115.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova will post 6.61 earnings per share for the current year.

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

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC lifted its stake in GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new stake in shares of GE Vernova in the 3rd quarter valued at $28,000. Pathway Financial Advisers LLC bought a new stake in GE Vernova in the second quarter worth $29,000. Covestor Ltd boosted its holdings in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the third 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.