GE Vernova (NYSE:GEV) Shares Up 1.9% After Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) were up 1.9% on Thursday after Barclays raised their price target on the stock from $420.00 to $487.00. Barclays currently has an overweight rating on the stock. GE Vernova traded as high as $435.99 and last traded at $435.19. Approximately 812,392 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,838,909 shares. The stock had previously closed at $427.10.

Other equities analysts have also issued reports about the company. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday. Evercore ISI raised their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Truist Financial boosted their target price on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Oppenheimer assumed coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating on the stock. Finally, Morgan Stanley raised their target price on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $335.40.

Hedge Funds Weigh In On GE Vernova

Large investors have recently made changes to their positions in the company. Armstrong Advisory Group Inc. increased its position in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares during the period. Hengehold Capital Management LLC increased its holdings in shares of GE Vernova by 2.4% in the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after acquiring an additional 29 shares during the period. AdvisorNet Financial Inc raised its position in shares of GE Vernova by 1.6% in the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares in the last quarter. Mutual Advisors LLC raised its holdings in GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after purchasing an additional 31 shares in the last quarter. Finally, Pittenger & Anderson Inc. lifted its position in shares of GE Vernova by 28.0% during the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 35 shares during the last quarter.

GE Vernova Price Performance

The business’s fifty day moving average price is $349.37 and its two-hundred day moving average price is $269.42.

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

GE Vernova Dividend Announcement

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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.