GE Vernova (NYSE:GEV) to Buyback $6.00 billion in Stock

GE Vernova (NYSE:GEV) declared that its board has initiated a stock repurchase program on Tuesday, December 10th, RTT News reports. The company plans to buyback $6.00 billion in shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays increased their target price on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. HSBC reiterated a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. The Goldman Sachs Group increased their price target on shares of GE Vernova from $220.00 to $308.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Evercore ISI increased their price target on shares of GE Vernova from $300.00 to $323.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Citigroup raised their target price on shares of GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $304.73.

GE Vernova Price Performance

Shares of GEV stock opened at $327.41 on Wednesday. The company’s fifty day simple moving average is $306.45 and its 200-day simple moving average is $228.84. GE Vernova has a 52 week low of $115.00 and a 52 week high of $357.09.

GE Vernova Dividend Announcement

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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%.

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.