GE Vernova (NYSE:GEV) Stock Price Up 7.8% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price rose 7.8% on Tuesday . The stock traded as high as $287.15 and last traded at $291.17. Approximately 1,869,299 shares were traded during trading, a decline of 55% from the average daily volume of 4,197,903 shares. The stock had previously closed at $270.13.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GEV. Wells Fargo & Company boosted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Jefferies Financial Group increased their target price on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Johnson Rice started coverage on GE Vernova in a research note on Friday, February 7th. They set a “buy” rating and a $425.00 price objective for the company. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price on the stock in a report on Wednesday, March 5th. Finally, Truist Financial increased their price target on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $349.02.

GE Vernova Trading Up 5.0 %

The business has a 50 day simple moving average of $358.84 and a two-hundred day simple moving average of $311.18. The company has a market cap of $78.22 billion and a PE ratio of 50.99.

GE Vernova (NYSE:GEV) last released 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). 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 analysts’ expectations of $10.70 billion. The company’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. Lighthouse Financial LLC purchased a new position in GE Vernova in the fourth quarter valued at approximately $759,000. Wood Tarver Financial Group LLC acquired a new position in shares of GE Vernova during the 4th quarter valued at $65,000. Smith Shellnut Wilson LLC ADV purchased a new stake in GE Vernova during the 4th quarter worth $238,000. Park Square Financial Group LLC acquired a new stake in GE Vernova in the 4th quarter valued at $44,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in GE Vernova in the fourth quarter valued at about $50,943,000.

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.