GE Vernova (NYSE:GEV) Sets New 1-Year High – What’s Next?

GE Vernova Inc. (NYSE:GEV)’s stock price reached a new 52-week high on Monday . The company traded as high as $376.30 and last traded at $371.20, with a volume of 745055 shares traded. The stock had previously closed at $354.03.

Wall Street Analyst Weigh In

GEV has been the subject of a number of recent research reports. Hsbc Global Res cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Morgan Stanley upped their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Guggenheim lowered their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company increased their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Stock Up 4.9 %

The business’s fifty day moving average is $331.58 and its 200-day moving average is $250.83.

GE Vernova Announces Dividend

The firm 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. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend is Friday, December 20th.

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

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently bought and sold shares of the stock. Pittenger & Anderson Inc. increased its position in GE Vernova by 28.0% in the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after buying an additional 35 shares in the last quarter. SteelPeak Wealth LLC grew its stake in shares of GE Vernova by 2.5% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,569 shares of the company’s stock valued at $400,000 after acquiring an additional 38 shares during the period. Global Retirement Partners LLC increased its holdings in GE Vernova by 0.9% in the 3rd quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock worth $1,149,000 after acquiring an additional 40 shares in the last quarter. Whittier Trust Co. raised its stake in GE Vernova by 1.9% during the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock worth $537,000 after acquiring an additional 40 shares during the period. Finally, Dunhill Financial LLC lifted its holdings in GE Vernova by 21.6% during the third quarter. Dunhill Financial LLC now owns 225 shares of the company’s stock valued at $57,000 after purchasing an additional 40 shares in the last quarter.

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.