GE Vernova (NYSE:GEV) Given New $445.00 Price Target at Royal Bank of Canada

GE Vernova (NYSE:GEV - Free Report) had its price objective reduced by Royal Bank of Canada from $453.00 to $445.00 in a research report released on Tuesday morning, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

Several other analysts also recently issued reports on GEV. Marathon Capitl raised GE Vernova to a "strong-buy" rating in a research note on Friday, January 31st. Jefferies Financial Group lifted their price target on GE Vernova from $348.00 to $391.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. New Street Research set a $380.00 target price on shares of GE Vernova in a research note on Wednesday, March 5th. BMO Capital Markets reduced their price target on shares of GE Vernova from $471.00 to $420.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Finally, Wells Fargo & Company increased their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given 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 price target of $348.72.

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GE Vernova Stock Performance

Shares of GEV traded down $2.62 during trading hours on Tuesday, hitting $334.21. The company had a trading volume of 3,010,670 shares, compared to its average volume of 3,519,873. The stock has a market capitalization of $92.21 billion and a price-to-earnings ratio of 60.11. GE Vernova has a 52-week low of $119.00 and a 52-week high of $447.50. The firm has a fifty day moving average price of $352.15 and a 200-day moving average price of $318.32.

GE Vernova (NYSE:GEV - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to analysts' expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business's quarterly revenue was up 5.1% on a year-over-year basis. Research analysts anticipate that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently bought and sold shares of GEV. Register Financial Advisors LLC bought a new position in shares of GE Vernova during the 4th quarter worth approximately $206,000. GPS Wealth Strategies Group LLC increased its stake in shares of GE Vernova by 1,126.0% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company's stock valued at $294,000 after buying an additional 822 shares during the period. Yarbrough Capital LLC increased its position in GE Vernova by 67.2% in the fourth quarter. Yarbrough Capital LLC now owns 2,886 shares of the company's stock worth $949,000 after purchasing an additional 1,160 shares during the period. Legacy Bridge LLC boosted its position in shares of GE Vernova by 77.0% in the 4th quarter. Legacy Bridge LLC now owns 10,982 shares of the company's stock worth $3,612,000 after purchasing an additional 4,776 shares during the last quarter. Finally, CENTRAL TRUST Co increased its stake in shares of GE Vernova by 16.6% in the 4th quarter. CENTRAL TRUST Co now owns 9,872 shares of the company's stock valued at $3,247,000 after acquiring an additional 1,408 shares during the last quarter.

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.