Citigroup Issues Positive Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its target price boosted by Citigroup from $361.00 to $437.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. Oppenheimer initiated coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating for the company. TD Cowen began coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Wells Fargo & Company increased their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.48.

GE Vernova Price Performance

NYSE:GEV opened at $437.37 on Thursday. GE Vernova has a one year low of $115.00 and a one year high of $447.50. The company’s 50-day simple moving average is $349.37 and its 200 day simple moving average is $269.42.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that GE Vernova will post 1.96 EPS for the current year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.23%.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GEV. Mountaineer Partners Management LLC bought a new position in GE Vernova in the 3rd quarter worth $2,507,296,000. Legal & General Group Plc purchased a new stake in GE Vernova in the second quarter worth about $293,699,000. Electron Capital Partners LLC raised its stake in shares of GE Vernova by 1,641.3% in the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock worth $290,589,000 after buying an additional 1,596,996 shares during the period. International Assets Investment Management LLC lifted its position in shares of GE Vernova by 35,238.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after buying an additional 1,431,729 shares in the last quarter. Finally, WCM Investment Management LLC lifted its position in shares of GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after buying an additional 1,161,901 shares in the last quarter.

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.