GE Vernova (NYSE:GEV) Shares Up 5.1% After Dividend Announcement

GE Vernova Inc. (NYSE:GEV)’s stock price shot up 5.1% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $347.00 and last traded at $344.16. 1,491,085 shares changed hands during trading, a decline of 56% from the average session volume of 3,421,473 shares. The stock had previously closed at $327.39.

The newly announced dividend which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%.

Analyst Ratings Changes

GEV has been the topic of several recent research reports. Jefferies Financial Group lifted their price objective on shares of GE Vernova from $293.00 to $336.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. HSBC reiterated a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Raymond James cut shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $330.00 to $356.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group raised their price target on shares of GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $304.73.

GE Vernova Trading Up 6.0 %

The company’s 50-day moving average is $306.45 and its 200-day moving average is $228.84.

GE Vernova announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Retirement Systems of Alabama increased its stake in shares of GE Vernova by 2.4% in the 3rd quarter. Retirement Systems of Alabama now owns 61,894 shares of the company’s stock valued at $15,782,000 after acquiring an additional 1,433 shares during the last quarter. Franklin Resources Inc. increased its position in GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock worth $533,257,000 after buying an additional 71,067 shares during the period. Tidal Investments LLC increased its position in GE Vernova by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock worth $1,854,000 after buying an additional 374 shares during the period. Optimist Retirement Group LLC bought a new position in shares of GE Vernova in the third quarter worth $249,000. Finally, Blankinship & Foster LLC bought a new position in shares of GE Vernova in the third quarter worth $204,000.

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.