Stock Buyback Program Authorized by GE Vernova (NYSE:GEV) Board of Directors

GE Vernova (NYSE:GEV) announced that its Board of Directors has approved a stock buyback program on Tuesday, December 10th, RTT News reports. The company plans to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

GE Vernova Stock Performance

GEV traded down $7.84 during midday trading on Tuesday, reaching $327.41. 3,468,298 shares of the company’s stock were exchanged, compared to its average volume of 3,435,699. GE Vernova has a 1-year low of $115.00 and a 1-year high of $357.09. The business’s 50-day moving average price is $306.45 and its 200 day moving average price is $228.84.

GE Vernova Announces Dividend

The business also recently announced 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. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%.

Analysts Set New Price Targets

Several brokerages have issued reports on GEV. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. TD Cowen started coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. William Blair started coverage on shares of GE Vernova in a research note on Thursday, August 29th. They set an “outperform” rating for the company. Finally, Guggenheim lifted their price objective on shares of GE Vernova from $300.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $304.73.

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.