Pallas Capital Advisors LLC Raises Stake in GE Vernova Inc. (NYSE:GEV)

Pallas Capital Advisors LLC raised its position in GE Vernova Inc. (NYSE:GEV) by 11.3% during the fourth quarter, HoldingsChannel reports. The firm owned 1,905 shares of the company’s stock after buying an additional 194 shares during the quarter. Pallas Capital Advisors LLC’s holdings in GE Vernova were worth $627,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of GEV. Castleview Partners LLC acquired a new stake in GE Vernova in the third quarter valued at $28,000. Covestor Ltd increased its holdings in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of GE Vernova during the 3rd quarter worth about $31,000. Prestige Wealth Management Group LLC lifted its stake in GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp boosted its holdings in GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 130 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GEV. Oppenheimer started coverage on shares of GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating on the stock. Evercore ISI boosted their price target on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Guggenheim dropped their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Jefferies Financial Group boosted their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $318.60.

GE Vernova Price Performance

GE Vernova stock opened at $381.73 on Wednesday. GE Vernova Inc. has a one year low of $115.00 and a one year high of $388.88. The business has a fifty day moving average of $341.28 and a two-hundred day moving average of $260.29.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date is Friday, December 20th.

GE Vernova announced that its board has initiated a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.