GE Vernova (NYSE:GEV) Receives Outperform Rating from Royal Bank of Canada

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $453.00 target price on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 28.09% from the company’s previous close.

GEV has been the topic of several other reports. Barclays raised their price objective on GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Guggenheim lowered shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target on the stock. in a report on Friday, January 24th. Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 23rd. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $342.94.

GE Vernova Stock Down 0.4 %

GEV stock opened at $353.65 on Tuesday. The company’s 50-day moving average price is $353.77 and its two-hundred day moving average price is $275.94. GE Vernova has a 12 month low of $115.00 and a 12 month high of $447.50. The firm has a market cap of $97.48 billion and a P/E ratio of 63.61.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities analysts predict that GE Vernova will post 6.61 EPS for the current year.

GE Vernova announced that its board has approved a share repurchase 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 usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently made changes to their positions in the stock. Waverton Investment Management Ltd increased its position in GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after buying an additional 66,455 shares in the last quarter. Register Financial Advisors LLC bought a new stake in shares of GE Vernova during the fourth quarter valued at approximately $206,000. Hanlon Investment Management Inc. acquired a new position in shares of GE Vernova during the third quarter worth approximately $1,101,000. Atria Investments Inc grew its position in GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after purchasing an additional 2,847 shares during the period. Finally, Fractal Investments LLC acquired a new stake in GE Vernova in the 3rd quarter valued at $1,530,000.

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.