GE Vernova (NYSE:GEV) Hits New 12-Month High – Still a Buy?

GE Vernova Inc. (NYSE:GEV)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $282.97 and last traded at $273.97, with a volume of 1481758 shares traded. The stock had previously closed at $276.42.

Analyst Upgrades and Downgrades

GEV has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a research report on Monday. They issued a “buy” rating and a $354.00 price objective on the stock. William Blair initiated coverage on GE Vernova in a research report on Thursday, August 29th. They issued an “outperform” rating on the stock. Truist Financial initiated coverage on GE Vernova in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price objective on the stock. Morgan Stanley upped their price objective on GE Vernova from $220.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, September 13th. Finally, The Goldman Sachs Group upped their price objective on GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average price target of $251.83.

GE Vernova Stock Down 0.5 %

The business has a 50 day simple moving average of $228.87 and a 200-day simple moving average of $187.33.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.42 billion. Sell-side analysts anticipate that GE Vernova Inc. will post 3.21 earnings per share for the current fiscal year.

Institutional Trading of GE Vernova

Hedge funds and other institutional investors have recently modified their holdings of the stock. Newport Trust Company LLC purchased a new position in shares of GE Vernova during the 2nd quarter worth $650,140,000. Bank of New York Mellon Corp purchased a new position in shares of GE Vernova during the 2nd quarter worth $537,674,000. Price T Rowe Associates Inc. MD purchased a new position in shares of GE Vernova during the 1st quarter worth $367,474,000. Marshall Wace LLP purchased a new position in shares of GE Vernova during the 2nd quarter worth $399,770,000. Finally, Legal & General Group Plc purchased a new position in shares of GE Vernova during the 2nd quarter worth $293,699,000.

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.