GE Vernova (NYSE:GEV) Trading 1.8% Higher on Analyst Upgrade

GE Vernova Inc. (NYSE:GEV)’s stock price traded up 1.8% during trading on Thursday after Truist Financial raised their price target on the stock from $400.00 to $420.00. Truist Financial currently has a buy rating on the stock. GE Vernova traded as high as $396.00 and last traded at $393.81. 528,410 shares were traded during trading, a decline of 80% from the average session volume of 2,593,063 shares. The stock had previously closed at $387.03.

A number of other research firms have also recently weighed in on GEV. Jefferies Financial Group boosted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. increased their target price on GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. 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 company’s stock. Based on data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.44.

Institutional Investors Weigh In On GE Vernova

Institutional investors have recently bought and sold shares of the stock. Armstrong Advisory Group Inc. boosted its position in shares of GE Vernova by 3.5% in the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares during the period. AdvisorNet Financial Inc raised its stake in GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after buying an additional 30 shares during the period. Pittenger & Anderson Inc. boosted its holdings in shares of GE Vernova by 28.0% in the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after purchasing an additional 35 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its position in GE Vernova by 3.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock worth $318,000 after purchasing an additional 35 shares during the last quarter. Finally, SteelPeak Wealth LLC boosted its stake in GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock valued at $400,000 after purchasing an additional 38 shares during the last quarter.

GE Vernova Stock Up 2.0 %

The firm has a 50 day moving average of $341.28 and a 200 day moving average of $260.29.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.25%.

GE Vernova announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are 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.