Wells Fargo & Company MN Purchases 49,777 Shares of GE Vernova Inc. (NYSE:GEV)

Wells Fargo & Company MN lifted its position in shares of GE Vernova Inc. (NYSE:GEV) by 10.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 517,163 shares of the company’s stock after purchasing an additional 49,777 shares during the period. Wells Fargo & Company MN owned 0.19% of GE Vernova worth $170,110,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC increased its position in GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares during the period. MRP Capital Investments LLC bought a new position in GE Vernova during the fourth quarter worth about $25,000. Fairway Wealth LLC raised its stake in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock worth $26,000 after purchasing an additional 55 shares in the last quarter. Pineridge Advisors LLC boosted its holdings in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Finally, Pinpoint Asset Management Ltd acquired a new position in shares of GE Vernova during the 4th quarter worth approximately $30,000.

GE Vernova Price Performance

Shares of GEV opened at $271.40 on Friday. The business has a 50-day moving average of $334.07 and a 200-day moving average of $325.35. The company has a market capitalization of $74.19 billion and a price-to-earnings ratio of 48.81. GE Vernova Inc. has a 1 year low of $125.86 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last released 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). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has authorized a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

GEV has been the subject of several recent research reports. Susquehanna assumed coverage on GE Vernova in a research note on Wednesday. They issued a “positive” rating and a $370.00 price target for the company. Citigroup increased their target price on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. BMO Capital Markets dropped their price target on GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Truist Financial set a $440.00 price objective on shares of GE Vernova in a research note on Thursday, March 27th. Finally, Baird R W upgraded shares of GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and an average price target of $349.20.

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.