Citigroup Increases GE Vernova (NYSE:GEV) Price Target to $437.00

GE Vernova (NYSE:GEV) had its price target upped by investment analysts at Citigroup from $361.00 to $437.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 2.38% from the stock’s current price.

A number of other equities analysts also recently commented on GEV. Wolfe Research started coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. Bank of America upped their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. BMO Capital Markets increased their price objective on shares of GE Vernova from $360.00 to $420.00 in a research note on Tuesday. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Finally, The Goldman Sachs Group boosted their price target on GE Vernova from $400.00 to $446.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average target price of $335.40.

GE Vernova Stock Up 2.6 %

Shares of GEV stock opened at $426.84 on Thursday. GE Vernova has a one year low of $115.00 and a one year high of $434.10. The company has a 50 day moving average price of $349.37 and a 200 day moving average price of $269.42.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts predict that GE Vernova will post 1.96 earnings per share for the current year.

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

Institutional Investors Weigh In On GE Vernova

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. bought a new stake in GE Vernova during the second quarter worth approximately $4,940,000. XTX Topco Ltd bought a new stake in shares of GE Vernova in the 2nd quarter worth $383,000. Intech Investment Management LLC acquired a new stake in shares of GE Vernova in the second quarter valued at $970,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of GE Vernova in the second quarter valued at $368,000. Finally, Sei Investments Co. bought a new position in GE Vernova during the second quarter valued at about $14,126,000.

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.