GE Vernova Sees Unusually High Options Volume (NYSE:GEV)

GE Vernova Inc. (NYSE:GEV) was the recipient of some unusual options trading activity on Monday. Stock investors purchased 20,309 call options on the stock. This represents an increase of 136% compared to the typical daily volume of 8,613 call options.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently modified their holdings of the stock. Pittenger & Anderson Inc. raised its stake in shares of GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after buying an additional 35 shares in the last quarter. Regent Peak Wealth Advisors LLC grew its holdings in GE Vernova by 3.8% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock worth $318,000 after acquiring an additional 35 shares during the period. SteelPeak Wealth LLC raised its position in GE Vernova by 2.5% in the third quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock worth $400,000 after acquiring an additional 38 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in GE Vernova by 0.9% in the third quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock valued at $1,149,000 after acquiring an additional 40 shares during the period. Finally, Whittier Trust Co. boosted its position in shares of GE Vernova by 1.9% during the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock worth $537,000 after purchasing an additional 40 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GEV shares. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Wolfe Research assumed coverage on GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price for the company. Evercore ISI increased their price target on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Citigroup lifted their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Seven equities research 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Trading Down 1.3 %

Shares of GEV opened at $366.57 on Wednesday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $376.30. The firm has a 50-day simple moving average of $334.55 and a 200-day simple moving average of $253.53.

GE Vernova announced that its board has approved a stock buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

GE Vernova Dividend Announcement

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 paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.27%.

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.