GE Vernova (NYSE:GEV) Upgraded to “Strong-Buy” at Johnson Rice

GE Vernova (NYSE:GEV) was upgraded by Johnson Rice to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Several other research analysts also recently weighed in on GEV. Morgan Stanley upped their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price for the company. Citigroup raised their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective on the stock. Finally, Truist Financial raised their target price on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $346.22.

GE Vernova Stock Performance

GEV stock opened at $377.99 on Thursday. The business’s 50-day moving average is $357.71 and its two-hundred day moving average is $284.04. The company has a market cap of $104.19 billion and a price-to-earnings ratio of 67.98. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities analysts predict that GE Vernova will post 6.33 earnings per share for the current year.

GE Vernova declared that its Board of Directors has authorized a stock repurchase program 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 programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently modified their holdings of GEV. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter worth about $2,507,296,000. International Assets Investment Management LLC raised its holdings in shares of GE Vernova by 35,238.2% in the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after acquiring an additional 1,431,729 shares during the last quarter. WCM Investment Management LLC boosted its stake in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after acquiring an additional 1,161,901 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in GE Vernova during the 4th quarter worth about $219,187,000. Finally, FMR LLC lifted its holdings in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after purchasing an additional 584,208 shares in the last quarter.

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.