GE Vernova (NYSE:GEV) Stock Price Up 2.8% – Should You Buy?

GE Vernova Inc. (NYSE:GEV) shares rose 2.8% during mid-day trading on Monday . The stock traded as high as $404.13 and last traded at $401.84. Approximately 2,360,990 shares were traded during trading, a decline of 3% from the average daily volume of 2,430,212 shares. The stock had previously closed at $391.00.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup increased their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Guggenheim decreased their target price on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th. BMO Capital Markets raised their target price on shares of GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Oppenheimer initiated coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating on the stock. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $321.35.

GE Vernova Trading Up 2.8 %

The company’s fifty day simple moving average is $344.59 and its 200 day simple moving average is $265.01.

GE Vernova Dividend Announcement

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

GE Vernova declared that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently modified their holdings of GEV. Armstrong Advisory Group Inc. boosted its holdings in GE Vernova by 3.5% in the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock valued at $262,000 after purchasing an additional 27 shares during the period. AdvisorNet Financial Inc raised its position in shares of GE Vernova by 1.6% in the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after buying an additional 30 shares in the last quarter. Mutual Advisors LLC boosted its stake in GE Vernova by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after buying an additional 31 shares during the period. Pittenger & Anderson Inc. grew its position in GE Vernova by 28.0% during the third quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock worth $41,000 after buying an additional 35 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC increased its stake in GE Vernova by 3.8% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 966 shares of the company’s stock worth $318,000 after acquiring an additional 35 shares during the last quarter.

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.