GE Vernova (NYSE:GEV) Earns "Outperform" Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of GE Vernova (NYSE:GEV - Free Report) in a report published on Wednesday,Benzinga reports. They currently have a $376.00 price objective on the stock.

Several other equities analysts have also recently commented on GEV. Hsbc Global Res cut shares of GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 4th. Raymond James cut GE Vernova from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 2nd. Citigroup raised their target price on GE Vernova from $292.00 to $361.00 and gave the company a "neutral" rating in a report on Monday. The Goldman Sachs Group boosted their price target on GE Vernova from $220.00 to $308.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Finally, Oppenheimer started coverage on GE Vernova in a research note on Thursday, September 26th. They issued a "market perform" rating on the stock. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, GE Vernova presently has an average rating of "Moderate Buy" and a consensus price target of $307.15.

GE Vernova Trading Up 5.0 %

Shares of GEV stock traded up $16.49 on Wednesday, hitting $343.88. The company's stock had a trading volume of 6,668,676 shares, compared to its average volume of 3,452,027. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09. The stock's 50 day moving average is $307.87 and its 200-day 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. Shareholders of record on Friday, December 20th will be issued 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 0.29%.

GE Vernova declared that its board has initiated a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of GE Vernova

Hedge funds have recently modified their holdings of the stock. Deseret Mutual Benefit Administrators bought a new stake in GE Vernova during the second quarter worth $25,000. Trifecta Capital Advisors LLC purchased a new stake in shares of GE Vernova in the second quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in shares of GE Vernova during the second quarter valued at about $25,000. Timber Creek Capital Management LLC purchased a new position in GE Vernova during the second quarter worth about $27,000. Finally, Gradient Investments LLC bought a new stake in GE Vernova in the 2nd quarter worth about $27,000.

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.