GE Vernova (NYSE:GEV) Shares Gap Down – What’s Next?

GE Vernova Inc. (NYSE:GEV) shares gapped down prior to trading on Friday . The stock had previously closed at $338.94, but opened at $331.69. GE Vernova shares last traded at $343.81, with a volume of 200,188 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GEV shares. Wells Fargo & Company upped their target price on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. JPMorgan Chase & Co. upped their price objective on GE Vernova from $356.00 to $367.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Evercore ISI lifted their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Jefferies Financial Group increased their price target on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, HSBC reaffirmed a “hold” rating and set a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Trading Up 4.5 %

The stock’s fifty day moving average price is $331.58 and its two-hundred day moving average price is $249.84.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently modified their holdings of the business. Trifecta Capital Advisors LLC acquired a new position in GE Vernova during the second quarter worth about $25,000. Meeder Asset Management Inc. acquired a new position in GE Vernova during the 2nd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in GE Vernova in the second quarter valued at approximately $27,000. Castleview Partners LLC bought a new stake in shares of GE Vernova during the third quarter worth $28,000. Finally, Pathway Financial Advisers LLC bought a new stake in shares of GE Vernova during the second quarter worth $29,000.

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.