CICC Research Initiates Coverage on GE Vernova (NYSE:GEV)

Research analysts at CICC Research began coverage on shares of GE Vernova (NYSE:GEV) in a report issued on Wednesday,Benzinga reports. The brokerage set an “outperform” rating on the stock.

GEV has been the subject of a number of other research reports. Truist Financial boosted their price objective on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. The Goldman Sachs Group boosted their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Baird R W upgraded GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, BMO Capital Markets boosted their price target on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Eight equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Trading Down 4.2 %

Shares of NYSE GEV opened at $359.57 on Wednesday. GE Vernova has a twelve month low of $115.00 and a twelve month high of $447.50. The company has a market capitalization of $99.21 billion and a price-to-earnings ratio of 64.67. The business has a 50 day simple moving average of $364.50 and a 200-day simple moving average of $298.16.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts predict that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova announced that its Board of Directors has approved a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently modified their holdings of GEV. Mountaineer Partners Management LLC bought a new stake in shares of GE Vernova in the 3rd quarter worth approximately $2,507,296,000. Norges Bank bought a new stake in shares of GE Vernova in the 4th quarter worth approximately $1,109,720,000. Capital International Investors lifted its position in shares of GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the period. International Assets Investment Management LLC lifted its position in shares of GE Vernova by 35,238.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock worth $366,098,000 after acquiring an additional 1,431,729 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of GE Vernova by 1,638.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after acquiring an additional 1,238,690 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.