GE Vernova (NYSE:GEV) Given New $500.00 Price Target at The Goldman Sachs Group

GE Vernova (NYSE:GEV) had its price target hoisted by analysts at The Goldman Sachs Group from $446.00 to $500.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 14.32% from the stock’s previous close.

GEV has been the subject of a number of other research reports. Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 target price for the company. BMO Capital Markets upped their price target on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays lifted their price objective on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Morgan Stanley upped their target price on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.73.

GE Vernova Stock Performance

Shares of GEV opened at $437.37 on Friday. The company has a market cap of $120.56 billion and a price-to-earnings ratio of 78.66. The stock has a fifty day moving average price of $349.37 and a two-hundred day moving average price of $269.42. GE Vernova has a 52-week low of $115.00 and a 52-week high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, research analysts predict that GE Vernova will post 6.61 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

Several hedge funds have recently bought and sold shares of GEV. Cedar Mountain Advisors LLC lifted its position in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying 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. Covestor Ltd boosted its stake in 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 purchasing an additional 46 shares during the period. Darwin Wealth Management LLC acquired a new position in GE Vernova in the 3rd quarter valued at $31,000. Finally, Prestige Wealth Management Group LLC increased its position in GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after buying an additional 77 shares during the period.

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.