GE Vernova (NYSE:GEV) Hits New 1-Year High on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) hit a new 52-week high on Tuesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The company traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares traded. The stock had previously closed at $401.41.

A number of other research analysts have also weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 price objective on shares of GE Vernova in a report on Wednesday, December 11th. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. TD Cowen assumed coverage on GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Hsbc Global Res lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Finally, The Goldman Sachs Group raised their target price on GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Seven 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 company. Based on data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $326.85.

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC increased its stake in GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new stake in GE Vernova during the third quarter worth $28,000. Pathway Financial Advisers LLC acquired a new stake in GE Vernova during the second quarter worth $29,000. Covestor Ltd increased its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the last quarter. Finally, Darwin Wealth Management LLC acquired a new stake in GE Vernova during the third quarter worth $31,000.

GE Vernova Stock Performance

The firm has a 50 day simple moving average of $347.50 and a 200-day simple moving average of $268.31.

GE Vernova (NYSE:GEV) last posted its earnings results 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 return on equity of 4.22% and a net margin of 3.67%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts expect that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The business 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 of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.23%.

GE Vernova announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors 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.