GE Vernova (NYSE:GEV) Sets New 1-Year High - Here's Why

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares trading hands. The stock had previously closed at $401.41.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GEV. JPMorgan Chase & Co. lifted their price objective on GE Vernova from $367.00 to $374.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 14th. Citigroup upped their price target on GE Vernova from $292.00 to $361.00 and gave the stock a "neutral" rating in a report on Monday, December 9th. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a research report on Wednesday, December 11th. Raymond James downgraded shares of GE Vernova from an "outperform" rating to a "market perform" rating in a report on Wednesday, October 2nd. Finally, Evercore ISI increased their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. Seven investment 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. According to MarketBeat, GE Vernova currently has an average rating of "Moderate Buy" and an average price target of $326.85.

GE Vernova Trading Up 3.8 %

The firm's 50-day simple moving average is $345.63 and its 200 day simple moving average is $266.62.

GE Vernova Announces Dividend

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 issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

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

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.