GE Vernova (NYSE:GEV) Given New $1,110.00 Price Target at Citigroup

GE Vernova (NYSE:GEV) had its target price lifted by Citigroup from $779.00 to $1,110.00 in a report released on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on GEV. Wall Street Zen raised shares of GE Vernova from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Susquehanna raised their target price on shares of GE Vernova from $820.00 to $1,080.00 and gave the company a “positive” rating in a research note on Thursday, April 9th. Evercore raised their target price on shares of GE Vernova from $860.00 to $905.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Barclays raised their target price on shares of GE Vernova from $849.00 to $993.00 and gave the company an “overweight” rating in a research note on Wednesday, April 1st. Finally, Robert W. Baird set a $923.00 target price on shares of GE Vernova and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $889.30.

GE Vernova Stock Performance

GEV opened at $992.16 on Monday. The stock has a market capitalization of $266.75 billion, a price-to-earnings ratio of 55.74, a PEG ratio of 3.90 and a beta of 1.43. The company has a fifty day moving average of $851.93 and a 200 day moving average of $705.30. GE Vernova has a fifty-two week low of $306.21 and a fifty-two week high of $1,007.38.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, beating the consensus estimate of $2.99 by $10.40. The company had revenue of $10.96 billion during the quarter, compared to analysts’ expectations of $10.21 billion. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. GE Vernova’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $1.73 earnings per share. On average, equities research analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 17th. GE Vernova’s dividend payout ratio (DPR) is presently 11.24%.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently made changes to their positions in GEV. Synergy Asset Management LLC increased its stake in GE Vernova by 300.0% during the 3rd quarter. Synergy Asset Management LLC now owns 1,884 shares of the company’s stock valued at $1,078,000 after purchasing an additional 1,413 shares in the last quarter. J.W. Cole Advisors Inc. increased its stake in GE Vernova by 25.3% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 16,247 shares of the company’s stock valued at $9,990,000 after purchasing an additional 3,278 shares in the last quarter. Kercheville Advisors LLC increased its stake in GE Vernova by 238.3% during the 3rd quarter. Kercheville Advisors LLC now owns 4,905 shares of the company’s stock valued at $3,016,000 after purchasing an additional 3,455 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in GE Vernova during the 3rd quarter valued at approximately $18,601,000. Finally, US Bancorp DE increased its stake in GE Vernova by 2.2% during the 3rd quarter. US Bancorp DE now owns 100,542 shares of the company’s stock valued at $61,824,000 after purchasing an additional 2,163 shares in the last quarter.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.