Guggenheim Has Lowered Expectations for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV - Free Report) had its price objective reduced by Guggenheim from $400.00 to $380.00 in a research note published on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

GEV has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a "buy" rating and a $354.00 target price on the stock. Citigroup boosted their target price on shares of GE Vernova from $292.00 to $361.00 and gave the stock a "neutral" rating in a research note on Monday. JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $330.00 to $356.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Bank of America boosted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. Finally, Evercore ISI lifted their price target on shares of GE Vernova from $300.00 to $323.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Seven 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $307.15.

GE Vernova Stock Performance

Shares of NYSE GEV traded up $16.49 during midday trading on Wednesday, reaching $343.88. 6,668,676 shares of the company were exchanged, compared to its average volume of 3,452,027. The stock's 50-day moving average price is $307.87 and its 200-day moving average price is $229.90. GE Vernova has a one year low of $115.00 and a one year high of $357.09.

GE Vernova declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors 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 annualized dividend and a yield of 0.29%.

Institutional Trading of GE Vernova

Several institutional investors have recently made changes to their positions in the company. Mountaineer Partners Management LLC bought a new stake in GE Vernova during the third quarter worth $2,507,296,000. Newport Trust Company LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth $650,140,000. Bank of New York Mellon Corp purchased a new position in shares of GE Vernova in the 2nd quarter worth about $537,674,000. Marshall Wace LLP bought a new position in GE Vernova during the second quarter valued at about $399,770,000. Finally, Legal & General Group Plc purchased a new stake in GE Vernova during the second quarter worth about $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.