Old Port Advisors Buys 108 Shares of GE Vernova Inc. (NYSE:GEV)

Old Port Advisors increased its stake in GE Vernova Inc. (NYSE:GEV) by 8.2% during the 4th quarter, HoldingsChannel reports. The firm owned 1,420 shares of the company’s stock after buying an additional 108 shares during the period. Old Port Advisors’ holdings in GE Vernova were worth $467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Castleview Partners LLC bought a new stake in shares of GE Vernova in the third quarter worth $28,000. Covestor Ltd boosted its position in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in shares of GE Vernova during the 3rd quarter valued at about $31,000. Prestige Wealth Management Group LLC increased its position in shares of GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp increased its position in shares of GE Vernova by 1,000.0% during the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 130 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GEV shares. HSBC restated a “hold” rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. BMO Capital Markets boosted their price objective on shares of GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Truist Financial upped their price objective on GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft started 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. Finally, TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Stock Performance

NYSE GEV traded up $4.17 during trading on Thursday, hitting $333.10. 637,300 shares of the stock traded hands, compared to its average volume of 3,416,386. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09. The firm has a 50-day simple moving average of $329.53 and a 200-day simple moving average of $247.92.

GE Vernova declared that its board has approved a stock buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova 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.