GE Vernova (NYSE:GEV) Reaches New 52-Week High on Analyst Upgrade

Shares of GE Vernova Inc. (NYSE:GEV) reached a new 52-week high on Friday after The Goldman Sachs Group raised their price target on the stock from $220.00 to $308.00. The Goldman Sachs Group currently has a buy rating on the stock. GE Vernova traded as high as $270.11 and last traded at $268.64, with a volume of 785186 shares. The stock had previously closed at $264.62.

A number of other research analysts also recently weighed in on GEV. Evercore ISI upped their price target on GE Vernova from $285.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, October 3rd. Bank of America raised GE Vernova from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $300.00 in a report on Tuesday, September 17th. BMO Capital Markets started coverage on GE Vernova in a report on Friday, September 13th. They set an “outperform” rating and a $245.00 price objective for the company. Truist Financial started coverage on GE Vernova in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 price objective for the company. Finally, Daiwa Capital Markets started coverage on GE Vernova in a report on Friday, June 21st. They set an “outperform” rating and a $201.50 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $241.63.

Hedge Funds Weigh In On GE Vernova

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

GE Vernova Stock Up 0.9 %

The company has a 50-day simple moving average of $214.80.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion for the quarter, compared to analysts’ expectations of $8.42 billion. As a group, analysts forecast that GE Vernova Inc. will post 3.21 earnings per share for the current fiscal year.

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.