Brokerages Set GE Vernova Inc. (NYSE:GEV) PT at $314.35

GE Vernova Inc. (NYSE:GEV) has been given a consensus recommendation of “Moderate Buy” by the twenty-eight brokerages that are covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation, twenty have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $314.35.

Several analysts have issued reports on GEV shares. Raymond James lowered shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. TD Cowen initiated coverage on GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price on the stock. Finally, Guggenheim cut their price target on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th.

Institutional Trading of GE Vernova

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

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $333.80 on Monday. GE Vernova has a 1 year low of $115.00 and a 1 year high of $357.09. The company’s fifty day simple moving average is $326.42 and its 200-day simple moving average is $245.15.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its board has initiated a stock buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.