Guggenheim Has Lowered Expectations for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its target price decreased by Guggenheim from $400.00 to $380.00 in a report published on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

GEV has been the subject of a number of other research reports. Truist Financial boosted their target price on GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday. Oppenheimer assumed coverage on GE Vernova in a research note on Thursday, September 26th. They issued a “market perform” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $376.00 price target on shares of GE Vernova in a research report on Wednesday. Barclays increased their price objective on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, HSBC restated a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Up 0.6 %

NYSE:GEV opened at $332.01 on Wednesday. The firm’s 50 day moving average is $312.53 and its two-hundred day moving average is $232.46. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $357.09.

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Institutional investors have recently modified their holdings of the company. Mountaineer Partners Management LLC acquired a new position in GE Vernova during the 3rd quarter valued at about $2,507,296,000. Newport Trust Company LLC acquired a new position in shares of GE Vernova during the second quarter worth approximately $650,140,000. Bank of New York Mellon Corp bought a new position in GE Vernova in the 2nd quarter worth approximately $537,674,000. Marshall Wace LLP acquired a new stake in GE Vernova in the 2nd quarter valued at approximately $399,770,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova during the 2nd quarter valued at $293,699,000.

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.