Royal Bank of Canada Reaffirms “Outperform” Rating for GE Vernova (NYSE:GEV)

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $376.00 price objective on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 13.97% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Barclays increased their price target on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. BMO Capital Markets increased their price target on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen started coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target on the stock. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Wednesday. Finally, The Goldman Sachs Group increased their price target on shares of GE Vernova from $220.00 to $308.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven equities research 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.98.

GE Vernova Trading Down 4.0 %

Shares of NYSE:GEV opened at $329.91 on Wednesday. GE Vernova has a 52-week low of $115.00 and a 52-week high of $357.09. The company has a 50-day simple moving average of $309.70 and a 200 day simple moving average of $230.69.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GEV. Mountaineer Partners Management LLC purchased a new position in GE Vernova during the 3rd quarter valued at about $2,507,296,000. Newport Trust Company LLC purchased a new position in GE Vernova in the second quarter worth about $650,140,000. Bank of New York Mellon Corp purchased a new position in GE Vernova in the second quarter worth about $537,674,000. Marshall Wace LLP purchased a new position in GE Vernova in the second quarter worth about $399,770,000. Finally, Legal & General Group Plc purchased a new position in GE Vernova in the second quarter worth about $293,699,000.

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.