GE Vernova (NYSE:GEV) Given New $400.00 Price Target at The Goldman Sachs Group

GE Vernova (NYSE:GEV) had its price objective raised by The Goldman Sachs Group from $324.00 to $400.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research note on Wednesday. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Wells Fargo & Company initiated coverage on shares of GE Vernova in a report on Thursday, November 21st. They issued an “overweight” rating and a $385.00 target price for the company. BMO Capital Markets increased their price target on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Price Performance

Shares of GEV opened at $332.01 on Thursday. The business’s 50 day moving average price is $312.53 and its 200-day moving average price is $232.84. GE Vernova has a 52 week low of $115.00 and a 52 week high of $357.09.

GE Vernova Announces Dividend

The company also recently announced a quarterly 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 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC purchased a new stake in GE Vernova in the 3rd quarter worth $25,116,000. Retirement Systems of Alabama grew its position in shares of GE Vernova by 2.4% during the third quarter. Retirement Systems of Alabama now owns 61,894 shares of the company’s stock worth $15,782,000 after purchasing an additional 1,433 shares in the last quarter. Franklin Resources Inc. raised its stake in GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock valued at $533,257,000 after purchasing an additional 71,067 shares during the period. Tidal Investments LLC lifted its holdings in GE Vernova by 5.4% in the 3rd quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock worth $1,854,000 after purchasing an additional 374 shares in the last quarter. Finally, Optimist Retirement Group LLC purchased a new stake in GE Vernova during the 3rd quarter valued at approximately $249,000.

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.