GE Vernova (NYSE:GEV) Price Target Raised to $420.00

GE Vernova (NYSE:GEV) had its price target increased by equities researchers at BMO Capital Markets from $360.00 to $420.00 in a report released on Tuesday. BMO Capital Markets’ price target points to a potential upside of 1.41% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Wednesday, December 11th. Barclays lifted their target price 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. HSBC reiterated a “hold” rating and issued a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Wolfe Research initiated coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of GE Vernova from $400.00 to $446.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Seven equities research 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 company. According to MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $326.85.

GE Vernova Stock Performance

Shares of NYSE GEV traded up $12.73 during mid-day trading on Tuesday, reaching $414.14. 2,476,754 shares of the company were exchanged, compared to its average volume of 2,692,468. GE Vernova has a 52 week low of $115.00 and a 52 week high of $415.19. The company’s 50 day moving average price is $345.63 and its 200 day moving average price is $266.62.

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

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of GEV. Mountaineer Partners Management LLC bought a new position in shares of GE Vernova in the third quarter worth approximately $2,507,296,000. Marshall Wace LLP bought a new position in shares of GE Vernova in the second quarter worth approximately $399,770,000. Legal & General Group Plc bought a new position in shares of GE Vernova in the second quarter worth approximately $293,699,000. Electron Capital Partners LLC lifted its stake in shares of GE Vernova by 1,641.3% in the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock worth $290,589,000 after buying an additional 1,596,996 shares in the last quarter. Finally, Lone Pine Capital LLC bought a new position in shares of GE Vernova in the second quarter worth approximately $253,322,000.

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.