GE Vernova (NYSE:GEV) Price Target Raised to $390.00

GE Vernova (NYSE:GEV - Free Report) had its price target boosted by Evercore ISI from $385.00 to $390.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently commented on GEV. Hsbc Global Res downgraded shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 4th. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They set a "buy" rating and a $400.00 target price for the company. Barclays increased their price target on GE Vernova from $320.00 to $420.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Jefferies Financial Group upped their target price on shares of GE Vernova from $293.00 to $336.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company started coverage on shares of GE Vernova in a research note on Thursday, November 21st. They issued an "overweight" rating and a $385.00 price target for the company. Seven 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $307.15.

GE Vernova Stock Up 5.0 %

GE Vernova stock traded up $16.49 during trading on Wednesday, hitting $343.88. The company had a trading volume of 6,668,676 shares, compared to its average volume of 3,452,027. GE Vernova has a 1-year low of $115.00 and a 1-year high of $357.09. The company's 50 day simple moving average is $307.87 and its 200-day simple moving average is $229.90.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.29%.

GE Vernova declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently added to or reduced their stakes in GEV. Waverton Investment Management Ltd lifted its position in GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company's stock valued at $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. purchased a new position in shares of GE Vernova during the 3rd quarter worth approximately $1,101,000. Atria Investments Inc lifted its holdings in shares of GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company's stock valued at $1,297,000 after buying an additional 2,847 shares during the period. Fractal Investments LLC purchased a new stake in shares of GE Vernova in the third quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc acquired a new position in GE Vernova during the second quarter worth $293,699,000.

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.