GE Vernova (NYSE:GEV) Given New $487.00 Price Target at Barclays

GE Vernova (NYSE:GEV) had its price target hoisted by Barclays from $420.00 to $487.00 in a research report report published on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other equities analysts have also recently issued reports on GEV. Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. TD Cowen began coverage on GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price target for the company. Truist Financial increased their price objective on shares of GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. lifted their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $337.48.

GE Vernova Stock Up 2.4 %

NYSE:GEV opened at $437.37 on Thursday. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The firm’s fifty day simple moving average is $349.37 and its 200-day simple moving average is $269.42.

GE Vernova (NYSE:GEV) last issued its 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 company had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. The firm’s revenue was up 5.1% compared to the same quarter last year. As a group, analysts forecast that GE Vernova will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The business also recently declared 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 dividend yield of 0.23%.

GE Vernova announced that its board has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC increased its stake in GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new stake in GE Vernova during the 3rd quarter worth approximately $28,000. Pathway Financial Advisers LLC acquired a new stake in GE Vernova during the 2nd quarter worth approximately $29,000. Covestor Ltd raised its holdings in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares during the period. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the third quarter valued at approximately $31,000.

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.