GE Vernova (NYSE:GEV) Price Target Raised to $411.00

GE Vernova (NYSE:GEV) had its price objective boosted by equities research analysts at Wells Fargo & Company from $385.00 to $411.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 24.34% from the company’s current price.

GEV has been the topic of several other research reports. Guggenheim decreased their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday. Oppenheimer initiated coverage on GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating on the stock. Barclays increased their target price on GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Citigroup increased their target price on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and an average target price of $314.35.

GE Vernova Stock Up 0.2 %

Shares of NYSE GEV traded up $0.64 during midday trading on Friday, reaching $330.55. 1,936,602 shares of the stock traded hands, compared to its average volume of 3,444,161. The company’s 50 day moving average is $311.20 and its 200 day moving average is $231.38. GE Vernova has a one year low of $115.00 and a one year high of $357.09.

GE Vernova announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 shares during the last quarter. State Street Corp grew its holdings in shares of GE Vernova by 1.1% in the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter valued at approximately $2,507,296,000. Geode Capital Management LLC grew its holdings in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC acquired a new position in shares of GE Vernova in the second quarter valued at approximately $650,140,000.

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.