GE Vernova (NYSE:GEV - Get Free Report) had its target price lifted by investment analysts at JPMorgan Chase & Co. from $367.00 to $374.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 2.02% from the company's current price.
Several other brokerages have also commented on GEV. Truist Financial lifted their target price on GE Vernova from $325.00 to $400.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Oppenheimer assumed coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a "market perform" rating for the company. Evercore ISI increased their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. BMO Capital Markets lifted their price target on shares of GE Vernova from $245.00 to $288.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Finally, Hsbc Global Res downgraded shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 4th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $318.60.
Check Out Our Latest Report on GE Vernova
GE Vernova Stock Performance
Shares of GEV stock traded up $14.92 during trading hours on Tuesday, hitting $381.73. 3,092,272 shares of the company were exchanged, compared to its average volume of 2,864,989. GE Vernova has a one year low of $115.00 and a one year high of $388.88. The business's 50-day simple moving average is $341.28 and its two-hundred day simple moving average is $260.29.
GE Vernova announced that its board has approved a share repurchase program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.
Institutional Investors Weigh In On GE Vernova
Large investors have recently modified their holdings of the stock. Armstrong Advisory Group Inc. grew 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 worth $262,000 after purchasing an additional 27 shares in the last quarter. AdvisorNet Financial Inc raised its position in GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company's stock valued at $611,000 after buying an additional 30 shares during the period. Pittenger & Anderson Inc. lifted its stake in GE Vernova by 28.0% in the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company's stock worth $41,000 after acquiring an additional 35 shares in the last quarter. Regent Peak Wealth Advisors LLC boosted its position in GE Vernova by 3.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company's stock worth $318,000 after acquiring an additional 35 shares during the period. Finally, SteelPeak Wealth LLC boosted its position in GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company's stock worth $400,000 after acquiring an additional 38 shares during the period.
GE Vernova Company Profile
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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.
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