GE Vernova (NYSE:GEV) Given New $544.00 Price Target at Citigroup

GE Vernova (NYSE:GEV) had its target price hoisted by Citigroup from $354.00 to $544.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

GEV has been the subject of a number of other reports. Glj Research began coverage on shares of GE Vernova in a report on Monday, June 23rd. They issued a “buy” rating for the company. Susquehanna reaffirmed a “positive” rating and issued a $499.00 target price (up from $399.00) on shares of GE Vernova in a report on Wednesday, May 14th. Guggenheim reaffirmed a “buy” rating and issued a $380.00 target price on shares of GE Vernova in a report on Thursday, April 24th. Morgan Stanley increased their target price on shares of GE Vernova from $422.00 to $511.00 and gave the company an “overweight” rating in a report on Tuesday, June 24th. Finally, BMO Capital Markets raised their price objective on shares of GE Vernova from $522.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Seven investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $459.29.

GE Vernova Stock Up 2.9%

NYSE GEV opened at $554.96 on Monday. The stock has a market capitalization of $151.46 billion, a P/E ratio of 79.96, a P/E/G ratio of 4.01 and a beta of 1.86. GE Vernova has a 52-week low of $150.01 and a 52-week high of $555.86. The firm has a 50-day moving average price of $479.94 and a 200 day moving average price of $391.73.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.54. The firm had revenue of $8.03 billion during the quarter, compared to analysts’ expectations of $7.56 billion. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.47) earnings per share. On average, equities research analysts expect that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $1.00 annualized dividend and a dividend yield of 0.18%. GE Vernova’s payout ratio is 14.41%.

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently made changes to their positions in GEV. MRP Capital Investments LLC acquired a new position in shares of GE Vernova during the 4th quarter valued at $25,000. Navigoe LLC acquired a new position in shares of GE Vernova during the 4th quarter valued at $27,000. EQ Wealth Advisors LLC acquired a new position in shares of GE Vernova during the 1st quarter valued at $27,000. IMA Advisory Services Inc. acquired a new position in shares of GE Vernova during the 1st quarter valued at $27,000. Finally, Clarity Asset Management Inc. acquired a new position in GE Vernova in the 4th quarter worth $28,000.

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.