GE Vernova (NYSE:GEV) Price Target Raised to $500.00 at The Goldman Sachs Group

GE Vernova (NYSE:GEV) had its price target lifted by The Goldman Sachs Group from $446.00 to $500.00 in a report published on Friday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. Wolfe Research started coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Oppenheimer started coverage on GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. HSBC reissued a “hold” rating and issued a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Bank of America upped their target price on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a report on Wednesday, December 11th. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.73.

GE Vernova Trading Down 4.2 %

GE Vernova stock opened at $419.27 on Friday. GE Vernova has a 12 month low of $115.00 and a 12 month high of $447.50. The stock’s 50 day simple moving average is $351.59 and its two-hundred day simple moving average is $270.59. The firm has a market cap of $115.57 billion and a PE ratio of 75.41.

GE Vernova (NYSE:GEV) last announced its 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 business 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%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities research analysts forecast that GE Vernova will post 6.61 EPS for the current year.

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

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.24%. GE Vernova’s dividend payout ratio is presently 17.99%.

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently made changes to their positions in the stock. Sei Investments Co. acquired a new position in GE Vernova in the second quarter valued at $14,126,000. Thrivent Financial for Lutherans acquired a new position in GE Vernova in the second quarter valued at $2,339,000. Public Sector Pension Investment Board acquired a new position in GE Vernova in the second quarter valued at $1,800,000. Evergreen Capital Management LLC acquired a new position in GE Vernova in the second quarter valued at $287,000. Finally, Insigneo Advisory Services LLC acquired a new position in GE Vernova in the second quarter valued at $275,000.

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.