GE Vernova (NYSE:GEV) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

GE Vernova (NYSE:GEV) had its price target increased by analysts at JPMorgan Chase & Co. from $356.00 to $367.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 6.11% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Wednesday. Wells Fargo & Company began coverage on shares of GE Vernova in a research report on Thursday, November 21st. They set an “overweight” rating and a $385.00 price objective for the company. Truist Financial increased their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Guggenheim lowered their price objective on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $307.15.

GE Vernova Stock Up 5.6 %

Shares of NYSE GEV traded up $18.48 during midday trading on Wednesday, reaching $345.87. 3,362,043 shares of the stock were exchanged, compared to its average volume of 3,434,861. The company has a 50 day simple moving average of $307.87 and a 200 day simple moving average of $229.90. GE Vernova has a twelve month low of $115.00 and a twelve month high of $357.09.

GE Vernova announced that its Board of Directors has authorized 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Diversified Trust Co acquired a new position in GE Vernova during the second quarter worth about $279,000. Great Valley Advisor Group Inc. acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $486,000. ORG Partners LLC acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $61,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $1,245,000. Finally, AdvisorNet Financial Inc acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $322,000.

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.