GE Vernova (NYSE:GEV) Hits New 12-Month High - What's Next?

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $376.30 and last traded at $371.20, with a volume of 745055 shares traded. The stock had previously closed at $354.03.

Analysts Set New Price Targets

GEV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $356.00 to $367.00 and gave the company an "overweight" rating in a research note on Wednesday, December 11th. Barclays upped their price target on shares of GE Vernova from $320.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Truist Financial raised their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Hsbc Global Res downgraded GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 4th. Finally, Raymond James cut GE Vernova from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 2nd. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $314.35.

GE Vernova Stock Up 4.5 %

The business's 50-day moving average price is $331.58 and its 200-day moving average price is $250.83.

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 given a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%.

GE Vernova declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs 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 have recently added to or reduced their stakes in GEV. Castleview Partners LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth $28,000. Covestor Ltd boosted its holdings in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company's stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in GE Vernova during the third quarter worth $31,000. Prestige Wealth Management Group LLC raised its holdings in GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company's stock valued at $31,000 after buying an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp lifted its position in shares of GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company's stock worth $36,000 after buying an additional 130 shares during 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.