GE Vernova (NYSE:GEV) Hits New 12-Month High After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares hit a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $192.00 to $246.00. Royal Bank of Canada currently has an outperform rating on the stock. GE Vernova traded as high as $236.20 and last traded at $236.20, with a volume of 913103 shares trading hands. The stock had previously closed at $229.93.

Other equities research analysts have also recently issued research reports about the stock. Daiwa Capital Markets started coverage on shares of GE Vernova in a report on Friday, June 21st. They issued an “outperform” rating and a $201.50 price target on the stock. Bank of America raised shares of GE Vernova from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $200.00 to $300.00 in a report on Tuesday. The Goldman Sachs Group boosted their target price on shares of GE Vernova from $196.00 to $220.00 and gave the company a “buy” rating in a report on Friday, July 26th. Mizuho boosted their target price on shares of GE Vernova from $186.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. boosted their target price on shares of GE Vernova from $216.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, September 13th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $217.64.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. Newport Trust Company LLC bought a new position in shares of GE Vernova during the second quarter valued at about $650,140,000. Bank of New York Mellon Corp bought a new position in GE Vernova in the second quarter worth about $537,674,000. Price T Rowe Associates Inc. MD bought a new position in GE Vernova in the first quarter worth about $367,474,000. Marshall Wace LLP bought a new position in GE Vernova in the second quarter worth about $399,770,000. Finally, Legal & General Group Plc bought a new position in GE Vernova in the second quarter worth about $293,699,000.

GE Vernova Stock Performance

The stock has a 50 day moving average price of $185.43.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $8.20 billion during the quarter, compared to analysts’ expectations of $8.42 billion. On average, equities analysts anticipate that GE Vernova Inc. will post 3.02 EPS for the current fiscal year.

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.