GE Vernova (NYSE:GEV) Coverage Initiated by Analysts at Johnson Rice

Analysts at Johnson Rice initiated coverage on shares of GE Vernova (NYSE:GEV) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $425.00 price target on the stock. Johnson Rice’s price objective indicates a potential upside of 13.43% from the company’s current price.

A number of other brokerages also recently issued reports on GEV. Royal Bank of Canada restated an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a research report on Tuesday, January 28th. Citigroup lifted their price target on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Bank of America increased their price objective on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Wells Fargo & Company boosted their target price on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $346.22.

GE Vernova Stock Up 1.8 %

Shares of NYSE:GEV opened at $374.67 on Friday. The firm has a fifty day simple moving average of $356.93 and a two-hundred day simple moving average of $283.41. The stock has a market capitalization of $103.28 billion and a P/E ratio of 67.39. GE Vernova has a 52 week low of $115.00 and a 52 week high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, analysts expect that GE Vernova will post 6.33 earnings per share for the current year.

GE Vernova declared that its Board of Directors has approved 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 purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

Several hedge funds have recently made changes to their positions in the company. Mather Group LLC. purchased a new position in GE Vernova in the third quarter worth approximately $531,000. Atomi Financial Group Inc. increased its position in shares of GE Vernova by 10.9% during the 3rd quarter. Atomi Financial Group Inc. now owns 1,584 shares of the company’s stock worth $404,000 after purchasing an additional 156 shares during the last quarter. Brookstone Capital Management raised its holdings in GE Vernova by 17.7% in the 3rd quarter. Brookstone Capital Management now owns 4,466 shares of the company’s stock valued at $1,139,000 after buying an additional 671 shares during the period. CWM LLC lifted its position in GE Vernova by 24.2% in the third quarter. CWM LLC now owns 11,037 shares of the company’s stock valued at $2,814,000 after buying an additional 2,149 shares during the last quarter. Finally, Wedmont Private Capital increased its position in shares of GE Vernova by 8.9% during the third quarter. Wedmont Private Capital now owns 3,849 shares of the company’s stock valued at $1,011,000 after acquiring an additional 316 shares during 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.