Barclays Cuts GE Vernova (NYSE:GEV) Price Target to $427.00

GE Vernova (NYSE:GEV) had its target price trimmed by Barclays from $487.00 to $427.00 in a report published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

GEV has been the subject of several other reports. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised their price target on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a research note on Friday, January 24th. Wells Fargo & Company lifted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Robert W. Baird initiated coverage on shares of GE Vernova in a research note on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $347.83.

GE Vernova Trading Up 1.3 %

NYSE GEV opened at $317.17 on Monday. GE Vernova has a 12 month low of $115.00 and a 12 month high of $447.50. The company’s 50-day moving average price is $361.95 and its 200-day moving average price 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 issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

GE Vernova Dividend Announcement

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

Hedge Funds Weigh In On GE Vernova

Institutional investors and hedge funds have recently made changes to their positions in the stock. Waverton Investment Management Ltd boosted its holdings in GE Vernova by 10.0% in the third quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares in the last quarter. Register Financial Advisors LLC acquired a new position in GE Vernova in the fourth quarter valued at approximately $206,000. Hanlon Investment Management Inc. acquired a new position in GE Vernova in the third quarter valued at approximately $1,101,000. Atria Investments Inc boosted its holdings in GE Vernova by 127.0% in the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after purchasing an additional 2,847 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC boosted its holdings in GE Vernova by 1,126.0% in the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock valued at $294,000 after purchasing an additional 822 shares in 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.