GE Vernova (NYSE:GEV) Price Target Raised to $804.00 at Bank of America

GE Vernova (NYSE:GEV) had its price objective upped by Bank of America from $725.00 to $804.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on GEV. Oppenheimer raised GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price objective for the company in a research note on Wednesday. Melius raised shares of GE Vernova from a “hold” rating to a “buy” rating and set a $740.00 price target for the company in a research report on Monday, September 15th. Wolfe Research upgraded shares of GE Vernova from a “peer perform” rating to a “buy” rating in a research report on Wednesday. HSBC increased their target price on shares of GE Vernova from $570.00 to $580.00 and gave the stock a “hold” rating in a report on Friday, September 5th. Finally, Susquehanna boosted their price target on GE Vernova from $750.00 to $775.00 and gave the company a “positive” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $654.54.

GE Vernova Trading Up 15.6%

GEV opened at $722.56 on Wednesday. The company has a market cap of $196.04 billion, a P/E ratio of 117.68, a P/E/G ratio of 4.65 and a beta of 1.71. The business’s 50-day moving average price is $593.56 and its 200-day moving average price is $579.74. GE Vernova has a 12 month low of $252.25 and a 12 month high of $731.00.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The company had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the company earned ($0.35) earnings per share. The company’s revenue was up 11.8% compared to the same quarter last year. Equities research analysts forecast that GE Vernova will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.3%. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 5th. GE Vernova’s dividend payout ratio (DPR) is 16.29%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in GE Vernova by 0.6% in the third quarter. Vanguard Group Inc. now owns 24,815,463 shares of the company’s stock worth $15,259,028,000 after purchasing an additional 150,892 shares in the last quarter. State Street Corp grew its position in shares of GE Vernova by 1.3% in the 3rd quarter. State Street Corp now owns 11,238,278 shares of the company’s stock worth $6,910,417,000 after buying an additional 140,500 shares during the period. Geode Capital Management LLC increased its stake in shares of GE Vernova by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after acquiring an additional 129,315 shares in the last quarter. Norges Bank purchased a new position in GE Vernova during the 2nd quarter valued at about $1,809,220,000. Finally, Northern Trust Corp boosted its stake in GE Vernova by 1.8% during the third quarter. Northern Trust Corp now owns 2,877,458 shares of the company’s stock worth $1,769,349,000 after acquiring an additional 51,738 shares in 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.