GE Vernova (NYSE:GEV) Stock Price Up 4.9% After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s share price rose 4.9% during mid-day trading on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $384.81. Approximately 1,047,383 shares traded hands during trading, a decline of 60% from the average daily volume of 2,591,083 shares. The stock had previously closed at $366.81.

Several other research analysts also recently commented on GEV. JPMorgan Chase & Co. raised their price objective on GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research note on Tuesday. Jefferies Financial Group upped their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. The Goldman Sachs Group lifted their target price on GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Evercore ISI raised their target price on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company lifted their target price on 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.60.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. FMR LLC grew its position in shares of GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after buying an additional 584,208 shares in the last quarter. State Street Corp grew its holdings in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter worth approximately $2,507,296,000. Geode Capital Management LLC boosted its stake in shares of GE Vernova by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC purchased a new position in GE Vernova during the second quarter valued at approximately $650,140,000.

GE Vernova Stock Up 4.6 %

The business’s 50 day moving average is $339.96 and its 200 day moving average is $258.81.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova announced that its board has approved a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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.