GE Vernova (NYSE:GEV) Reaches New 1-Year High on Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) hit a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets raised their price target on the stock from $360.00 to $420.00. The stock traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares traded. The stock had previously closed at $401.41.

Several other brokerages also recently issued reports on GEV. Barclays raised their price objective on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley raised their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. HSBC restated a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. TD Cowen assumed coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Finally, Guggenheim lowered their target price on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $326.85.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. R Squared Ltd acquired a new position in shares of GE Vernova during the fourth quarter worth $197,000. Signature Wealth Management Partners LLC acquired a new position in shares of GE Vernova during the fourth quarter worth $212,000. SteelPeak Wealth LLC increased its holdings in shares of GE Vernova by 6.5% during the fourth quarter. SteelPeak Wealth LLC now owns 1,671 shares of the company’s stock worth $550,000 after buying an additional 102 shares in the last quarter. Mayflower Financial Advisors LLC increased its holdings in shares of GE Vernova by 2.9% during the fourth quarter. Mayflower Financial Advisors LLC now owns 2,662 shares of the company’s stock worth $876,000 after buying an additional 75 shares in the last quarter. Finally, BSW Wealth Partners acquired a new position in shares of GE Vernova during the fourth quarter worth $258,000.

GE Vernova Stock Up 2.6 %

The firm’s 50 day moving average is $347.50 and its two-hundred day moving average is $268.31.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts forecast that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.23%.

GE Vernova announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.