GE Vernova (NYSE:GEV) Price Target Raised to $470.00

GE Vernova (NYSE:GEV) had its target price increased by equities research analysts at Truist Financial from $420.00 to $470.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 6.10% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. HSBC reissued a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Jefferies Financial Group raised their target price on GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. BMO Capital Markets increased their price objective on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a report on Tuesday. Wolfe Research initiated coverage on GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price on the stock. Finally, Hsbc Global Res lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $337.48.

GE Vernova Trading Up 3.7 %

GEV stock traded up $15.90 during mid-day trading on Thursday, hitting $443.00. 1,685,474 shares of the stock were exchanged, compared to its average volume of 2,899,519. The business has a fifty day moving average price of $349.37 and a 200 day moving average price of $269.42. GE Vernova has a 12 month low of $115.00 and a 12 month high of $442.00.

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

GE Vernova announced that its board has approved 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 purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares during the last quarter. State Street Corp boosted its position in GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after buying an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova in the third quarter worth $2,507,296,000. Geode Capital Management LLC increased its stake in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after acquiring an additional 80,479 shares during the period. Finally, WCM Investment Management LLC raised its holdings in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after purchasing an additional 1,161,901 shares during the last quarter.

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.