GE Vernova’s (GEV) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of GE Vernova (NYSE:GEV) in a research note released on Wednesday,Benzinga reports. The brokerage currently has a $376.00 price target on the stock.

A number of other equities analysts have also weighed in on the company. Raymond James lowered GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their target price on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. TD Cowen began coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. HSBC reaffirmed a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $332.01 on Wednesday. The stock’s fifty day simple moving average is $312.53 and its 200 day simple moving average is $232.46. GE Vernova has a 52-week low of $115.00 and a 52-week high of $357.09.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

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

Institutional Investors Weigh In On GE Vernova

A number of large investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC acquired a new stake in shares of GE Vernova in the third quarter worth $25,116,000. Retirement Systems of Alabama raised its holdings in GE Vernova by 2.4% in the 3rd quarter. Retirement Systems of Alabama now owns 61,894 shares of the company’s stock worth $15,782,000 after acquiring an additional 1,433 shares during the period. Franklin Resources Inc. lifted its position in GE Vernova by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company’s stock worth $533,257,000 after acquiring an additional 71,067 shares during the last quarter. Tidal Investments LLC boosted its holdings in GE Vernova by 5.4% during the third quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock valued at $1,854,000 after acquiring an additional 374 shares during the period. Finally, Optimist Retirement Group LLC acquired a new stake in shares of GE Vernova in the third quarter valued at about $249,000.

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.