GE Vernova (NYSE:GEV) Trading 2.4% Higher After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares were up 2.4% during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $400.00 to $446.00. The Goldman Sachs Group currently has a buy rating on the stock. GE Vernova traded as high as $399.06 and last traded at $400.23. Approximately 656,905 shares changed hands during trading, a decline of 74% from the average daily volume of 2,555,010 shares. The stock had previously closed at $391.00.

A number of other equities research analysts have also recently weighed in on the company. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Citigroup upped their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Morgan Stanley raised their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Seven 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $321.35.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new position in shares of GE Vernova during the 2nd quarter worth approximately $375,000. American Century Companies Inc. purchased a new position in GE Vernova during the second quarter worth $4,940,000. Envestnet Asset Management Inc. acquired a new position in shares of GE Vernova in the second quarter worth $45,674,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of GE Vernova in the second quarter valued at $119,390,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of GE Vernova during the second quarter valued at $176,775,000.

GE Vernova Stock Performance

The business has a 50-day moving average of $342.29 and a 200 day moving average of $261.18.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.25%.

GE Vernova announced that its Board of Directors has approved a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership 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.