GE Vernova (NYSE:GEV) Trading Down 1.6% – Should You Sell?

GE Vernova Inc. (NYSE:GEV)’s stock price fell 1.6% during trading on Monday . The company traded as low as $353.01 and last traded at $361.40. 969,861 shares changed hands during trading, a decline of 61% from the average session volume of 2,479,354 shares. The stock had previously closed at $367.10.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Oppenheimer assumed coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Citigroup increased their target price on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Wells Fargo & Company raised their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, HSBC reiterated a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $318.60.

GE Vernova Stock Performance

The business has a 50-day moving average price of $341.28 and a two-hundred day moving average price of $260.29.

GE Vernova Dividend Announcement

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

GE Vernova declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently made changes to their positions in GEV. Mountaineer Partners Management LLC bought a new position in GE Vernova during the third quarter worth about $2,507,296,000. Newport Trust Company LLC bought a new position in GE Vernova during the 2nd quarter worth approximately $650,140,000. Marshall Wace LLP acquired a new position in GE Vernova during the second quarter valued at approximately $399,770,000. Legal & General Group Plc bought a new stake in GE Vernova in the second quarter valued at approximately $293,699,000. Finally, Electron Capital Partners LLC raised its holdings in 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 purchasing an additional 1,596,996 shares during the period.

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.