GE Vernova (NYSE:GEV) Price Target Raised to $420.00

GE Vernova (NYSE:GEV - Get Free Report) had its target price boosted by stock analysts at Truist Financial from $400.00 to $420.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 4.52% from the company's current price.

A number of other analysts have also issued reports on GEV. HSBC reissued a "hold" rating and issued a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a "buy" rating and a $354.00 price target on the stock. Oppenheimer assumed coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a "market perform" rating for the company. TD Cowen initiated coverage on shares of GE Vernova in a research note on Thursday, December 5th. They set a "buy" rating and a $400.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on shares of GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a report on Friday, December 13th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $321.35.

GE Vernova Price Performance

Shares of GE Vernova stock traded up $10.84 on Thursday, reaching $401.84. The company had a trading volume of 2,360,990 shares, compared to its average volume of 2,720,004. The firm's 50 day moving average price is $343.37 and its two-hundred day moving average price is $262.08. GE Vernova has a 52-week low of $115.00 and a 52-week high of $404.13.

GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC acquired a new stake in shares of GE Vernova during the second quarter worth about $375,000. American Century Companies Inc. purchased a new stake in GE Vernova during the 2nd quarter valued at approximately $4,940,000. Envestnet Asset Management Inc. acquired a new stake in GE Vernova during the 2nd quarter worth approximately $45,674,000. Massachusetts Financial Services Co. MA acquired a new stake in GE Vernova during the 2nd quarter worth approximately $119,390,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of GE Vernova in the 2nd quarter valued at approximately $176,775,000.

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.