GE Vernova (NYSE:GEV) Trading Up 2.8% - Still a Buy?

Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) shot up 2.8% during trading on Monday . The company traded as high as $404.13 and last traded at $401.84. 2,360,990 shares traded hands during trading, a decline of 3% from the average session volume of 2,430,212 shares. The stock had previously closed at $391.00.

Analyst Ratings Changes

Several research analysts recently commented on GEV shares. BMO Capital Markets raised their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. TD Cowen initiated coverage on GE Vernova in a report on Thursday, December 5th. They issued a "buy" rating and a $400.00 price target for the company. Guggenheim decreased their price objective on GE Vernova from $400.00 to $380.00 and set a "buy" rating on the stock in a research note on Wednesday, December 11th. Raymond James downgraded GE Vernova from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 2nd. Finally, Truist Financial upped their price target on GE Vernova from $400.00 to $420.00 and gave the company a "buy" rating in a research report on Thursday. Seven equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $321.35.

GE Vernova Price Performance

The company has a 50-day simple moving average of $344.59 and a two-hundred day simple moving average of $265.01.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.25%.

GE Vernova announced that its Board of Directors has initiated a share 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 buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. Waverton Investment Management Ltd increased its holdings in GE Vernova by 10.0% during the 3rd 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. bought a new stake in shares of GE Vernova in the 3rd quarter worth approximately $1,101,000. Atria Investments Inc increased its stake in shares of GE Vernova by 127.0% during the third 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 position in shares of GE Vernova during the third quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc purchased a new stake in GE Vernova in 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.