GE Vernova (NYSE:GEV) Given New $391.00 Price Target at Jefferies Financial Group

GE Vernova (NYSE:GEV) had its target price hoisted by Jefferies Financial Group from $348.00 to $391.00 in a research note issued to investors on Friday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $356.00 to $367.00 and gave the stock an “overweight” rating in a research report on Wednesday. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Citigroup raised their price target 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. Oppenheimer started coverage on GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating for the company. Finally, HSBC reissued a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Performance

GEV stock opened at $332.01 on Friday. GE Vernova has a one year low of $115.00 and a one year high of $357.09. The firm’s fifty day moving average is $312.53 and its 200 day moving average is $232.46.

GE Vernova Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mountaineer Partners Management LLC purchased a new position in GE Vernova in the 3rd quarter valued at approximately $2,507,296,000. Newport Trust Company LLC purchased a new position in GE Vernova in the second quarter valued at $650,140,000. Bank of New York Mellon Corp acquired a new position in GE Vernova during the 2nd quarter worth $537,674,000. Marshall Wace LLP purchased a new stake in GE Vernova during the 2nd quarter worth about $399,770,000. Finally, Legal & General Group Plc acquired a new stake in GE Vernova in the 2nd quarter valued at about $293,699,000.

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.