GE Vernova (NYSE:GEV) Shares Up 0.9% – What’s Next?

Shares of GE Vernova Inc. (NYSE:GEV) shot up 0.9% on Tuesday . The stock traded as high as $407.44 and last traded at $405.11. 1,055,372 shares were traded during trading, a decline of 59% from the average session volume of 2,571,029 shares. The stock had previously closed at $401.41.

Analysts Set New Price Targets

GEV has been the subject of a number of research analyst reports. Bank of America upped their price target on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. BMO Capital Markets increased their target price on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 11th. Truist Financial upped 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 target price 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 issued a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $321.35.

GE Vernova Stock Performance

The stock’s 50 day moving average price is $345.63 and its two-hundred day moving average price is $266.62.

GE Vernova Dividend Announcement

The business also recently announced 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 is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.24%.

GE Vernova announced that its board has authorized a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Cedar Mountain Advisors LLC raised its stake in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the last quarter. Castleview Partners LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at about $28,000. Covestor Ltd raised its stake in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova in the third quarter worth about $31,000. Finally, Prestige Wealth Management Group LLC lifted its position in shares of GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 77 shares in 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.