GE Vernova (NYSE:GEV) Hits New 12-Month High – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $278.00 and last traded at $278.00, with a volume of 16007 shares. The stock had previously closed at $274.77.

Analysts Set New Price Targets

Several brokerages have issued reports on GEV. Jefferies Financial Group increased their price objective on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial began coverage on shares of GE Vernova in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price objective for the company. Evercore ISI increased their price objective on shares of GE Vernova from $285.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, October 3rd. HSBC reaffirmed a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Redburn Atlantic began coverage on shares of GE Vernova in a research report on Tuesday, July 2nd. They issued a “neutral” rating and a $178.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.73.

GE Vernova Stock Performance

The company has a 50 day moving average of $224.93 and a 200-day moving average of $184.85.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.42 billion. On average, analysts predict that GE Vernova Inc. will post 3.21 EPS for the current fiscal year.

Institutional Investors Weigh In On GE Vernova

Several large investors have recently added to or reduced their stakes in GEV. Anderson Hoagland & Co. acquired a new stake in GE Vernova in the first quarter worth $1,720,000. Maryland State Retirement & Pension System acquired a new stake in GE Vernova in the first quarter worth $2,892,000. Boit C F David acquired a new stake in GE Vernova in the first quarter worth $149,000. ANTIPODES PARTNERS Ltd acquired a new stake in GE Vernova in the first quarter worth $30,000. Finally, Nwam LLC acquired a new position in shares of GE Vernova during the first quarter valued at $1,531,000.

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.