GE Vernova (NYSE:GEV) Rating Increased to Buy at Guggenheim

Guggenheim upgraded shares of GE Vernova (NYSE:GEV) from a neutral rating to a buy rating in a research note released on Wednesday, Marketbeat reports. The firm currently has $380.00 price objective on the stock.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group lifted their price target on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Bank of America lifted their price target on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Baird R W raised GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Wells Fargo & Company lifted their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Wolfe Research started coverage on GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $347.83.

GE Vernova Trading Up 1.3 %

GEV opened at $317.17 on Wednesday. GE Vernova has a 1-year low of $115.00 and a 1-year high of $447.50. The stock’s fifty day simple moving average is $361.95 and its 200 day simple moving average is $308.22. The stock has a market cap of $87.51 billion and a PE ratio of 57.04.

GE Vernova (NYSE:GEV) last released its quarterly earnings results 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 firm had revenue of $10.56 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. Equities analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.32%. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has authorized 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 reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Armstrong Advisory Group Inc. grew its position in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after acquiring an additional 27 shares during the last quarter. Hengehold Capital Management LLC grew its position in GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after acquiring an additional 29 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after buying an additional 30 shares during the period. Mutual Advisors LLC lifted its holdings in GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after buying an additional 31 shares during the period. Finally, WASHINGTON TRUST Co lifted its holdings in GE Vernova by 1.9% during the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock worth $560,000 after buying an additional 31 shares during the period.

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.