GE Vernova (NYSE:GEV) Sets New 52-Week High Following Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) hit a new 52-week high during trading on Tuesday after Bank of America raised their price target on the stock from $380.00 to $415.00. Bank of America currently has a buy rating on the stock. GE Vernova traded as high as $388.88 and last traded at $386.14, with a volume of 473892 shares trading hands. The stock had previously closed at $366.81.

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 target price for the company. Jefferies Financial Group boosted their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Citigroup boosted their target price on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Truist Financial boosted their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research note on Tuesday. 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.60.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mountaineer Partners Management LLC bought a new stake in GE Vernova in the 3rd quarter valued at about $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $650,140,000. Marshall Wace LLP acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $399,770,000. Legal & General Group Plc acquired a new position in shares of GE Vernova in the second quarter worth about $293,699,000. Finally, Electron Capital Partners LLC boosted its holdings in shares of GE Vernova by 1,641.3% in the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock worth $290,589,000 after buying an additional 1,596,996 shares during the period.

GE Vernova Stock Up 1.1 %

The firm’s fifty day simple moving average is $341.28 and its 200 day simple moving average is $260.29.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.26%. 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 buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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.