GE Vernova (NYSE:GEV) Trading 1.6% Higher After Analyst Upgrade

GE Vernova Inc. (NYSE:GEV) shares traded up 1.6% on Wednesday 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 $392.77 and last traded at $388.43. 729,311 shares were traded during trading, a decline of 72% from the average session volume of 2,619,073 shares. The stock had previously closed at $382.26.

GEV has been the topic of several other research reports. Citigroup raised their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Morgan Stanley increased their price target on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Oppenheimer began coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price target on the stock. Finally, Barclays increased their price target on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $318.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Armstrong Advisory Group Inc. raised its holdings in shares of GE Vernova by 3.5% in the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after buying an additional 27 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after purchasing an additional 30 shares during the last quarter. Pittenger & Anderson Inc. grew its position in shares of GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after buying an additional 35 shares during the period. Regent Peak Wealth Advisors LLC grew its position in shares of GE Vernova by 3.8% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock worth $318,000 after buying an additional 35 shares during the period. Finally, SteelPeak Wealth LLC grew its position 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 worth $400,000 after buying an additional 38 shares during the period.

GE Vernova Trading Up 1.1 %

The company has a 50-day moving average price of $341.28 and a 200-day moving average price of $260.29.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.26%.

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

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.