Wells Fargo & Company Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its target price increased by stock analysts at Wells Fargo & Company from $385.00 to $411.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 24.34% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a report on Wednesday. Truist Financial boosted 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. BMO Capital Markets upped their price target on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Trading Up 0.2 %

NYSE GEV traded up $0.64 on Friday, hitting $330.55. 1,936,602 shares of the stock were exchanged, compared to its average volume of 3,444,161. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09. The company has a 50-day moving average price of $311.20 and a 200-day moving average price of $231.38.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. FMR LLC grew its holdings in GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after acquiring an additional 584,208 shares during the period. State Street Corp increased its stake in GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in GE Vernova in the 3rd quarter worth about $2,507,296,000. Geode Capital Management LLC increased its stake in GE Vernova by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC purchased a new position in GE Vernova in the 2nd quarter worth about $650,140,000.

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.