The Goldman Sachs Group Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its price target lifted by The Goldman Sachs Group from $400.00 to $446.00 in a research note published on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

GEV has been the subject of several other reports. Truist Financial raised their target price on GE Vernova from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Thursday. Barclays boosted their price objective on GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Bank of America increased their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday. Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. Finally, Oppenheimer assumed coverage on shares of GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $321.35.

GE Vernova Price Performance

Shares of NYSE GEV opened at $390.86 on Thursday. The company’s fifty day simple moving average is $342.29 and its 200 day simple moving average is $261.18. GE Vernova has a 12-month low of $115.00 and a 12-month high of $397.76.

GE Vernova Announces Dividend

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

GE Vernova announced that its Board of Directors has approved a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently added to or reduced their stakes in GEV. Castleview Partners LLC purchased a new stake in GE Vernova in the third quarter worth about $28,000. Covestor Ltd boosted its position in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova in the 3rd quarter worth approximately $31,000. Prestige Wealth Management Group LLC increased its position in GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp increased its position in GE Vernova by 1,000.0% during the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after buying an additional 130 shares in the last quarter.

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.