GE Vernova (NYSE:GEV) Price Target Raised to $620.00

GE Vernova (NYSE:GEV) had its price objective lifted by JPMorgan Chase & Co. from $460.00 to $620.00 in a report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts have also recently commented on the stock. UBS Group began coverage on shares of GE Vernova in a research report on Monday, July 7th. They set a “buy” rating and a $614.00 price target on the stock. Wolfe Research cut shares of GE Vernova from an “outperform” rating to a “peer perform” rating in a report on Friday, June 13th. Wall Street Zen raised shares of GE Vernova from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. Susquehanna reissued a “positive” rating and issued a $499.00 target price (up previously from $399.00) on shares of GE Vernova in a report on Wednesday, May 14th. Finally, Morgan Stanley raised their target price on shares of GE Vernova from $422.00 to $511.00 and gave the stock an “overweight” rating in a report on Tuesday, June 24th. Seven 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $468.88.

GE Vernova Stock Performance

Shares of GEV stock opened at $575.02 on Wednesday. GE Vernova has a one year low of $150.01 and a one year high of $581.27. The company’s 50-day simple moving average is $493.30 and its 200-day simple moving average is $397.42. The stock has a market capitalization of $156.94 billion, a price-to-earnings ratio of 82.86, a PEG ratio of 4.29 and a beta of 1.86.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.37 by $0.54. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. The business had revenue of $8.03 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter last year, the company posted ($0.47) earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts forecast that GE Vernova will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, July 21st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.17%. GE Vernova’s dividend payout ratio is presently 14.41%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GEV. Norges Bank acquired a new position in shares of GE Vernova during the fourth quarter valued at approximately $1,109,720,000. Capital International Investors increased its stake in shares of GE Vernova by 25.3% during the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after acquiring an additional 2,994,660 shares during the period. GAMMA Investing LLC increased its stake in shares of GE Vernova by 32,984.2% during the first quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company’s stock valued at $653,769,000 after acquiring an additional 2,135,066 shares during the period. Massachusetts Financial Services Co. MA grew its position in GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after buying an additional 1,238,690 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in GE Vernova by 252.9% in the first quarter. AQR Capital Management LLC now owns 1,245,420 shares of the company’s stock worth $366,016,000 after buying an additional 892,549 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.