Old Port Advisors Raises Holdings in GE Vernova Inc. (NYSE:GEV)

Old Port Advisors increased its position in GE Vernova Inc. (NYSE:GEV) by 8.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,420 shares of the company’s stock after acquiring an additional 108 shares during the quarter. Old Port Advisors’ holdings in GE Vernova were worth $467,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC bought a new position in shares of GE Vernova in the second quarter valued at approximately $15,175,000. Aptus Capital Advisors LLC purchased a new stake in shares of GE Vernova in the second quarter worth $423,000. Ritholtz Wealth Management purchased a new stake in shares of GE Vernova in the second quarter worth $677,000. Valmark Advisers Inc. bought a new stake in GE Vernova during the second quarter valued at $291,000. Finally, Financial Counselors Inc. purchased a new position in GE Vernova during the second quarter worth about $1,384,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. BMO Capital Markets lifted their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Evercore ISI increased their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Wells Fargo & Company raised their price target on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Wolfe Research initiated coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Price Performance

Shares of GEV traded up $4.17 during trading hours on Thursday, hitting $333.10. The company had a trading volume of 637,300 shares, compared to its average volume of 3,416,386. The firm has a fifty day moving average price of $329.53 and a 200-day moving average price of $247.92. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $357.09.

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

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.30%.

GE Vernova 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.