GE Vernova (NYSE:GEV) Upgraded by Guggenheim to “Buy” Rating

GE Vernova (NYSE:GEV) was upgraded by equities research analysts at Guggenheim from a “neutral” rating to a “buy” rating in a report released on Wednesday, Marketbeat reports. The brokerage currently has a $380.00 price target on the stock. Guggenheim’s price target suggests a potential upside of 29.87% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. TD Cowen began coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective for the company. Wolfe Research began coverage on shares of GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. The Goldman Sachs Group boosted their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Finally, Jefferies Financial Group boosted their price target on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $347.83.

GE Vernova Stock Performance

Shares of GEV opened at $292.60 on Wednesday. GE Vernova has a 1 year low of $115.00 and a 1 year high of $447.50. The company has a market cap of $80.73 billion and a price-to-earnings ratio of 52.63. The firm has a fifty day moving average of $360.94 and a 200-day moving average of $308.11.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. Analysts predict that GE Vernova will post 6.59 EPS for the current year.

GE Vernova declared that its board has authorized a stock buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC grew its stake in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after acquiring an additional 814,155 shares in the last quarter. Capital International Investors grew its stake in GE Vernova by 25.3% during the 4th 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 in the last quarter. State Street Corp grew its stake in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after acquiring an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new position in GE Vernova during the 3rd quarter valued at about $2,507,296,000. Finally, Geode Capital Management LLC grew its stake in GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after acquiring an additional 195,828 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.