JPMorgan Chase & Co. Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV) had its price target boosted by research analysts at JPMorgan Chase & Co. from $374.00 to $436.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 3.99% from the stock’s current price.

Several other research firms have also recently weighed in on GEV. Guggenheim dropped their price objective on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Barclays upped their target price on shares of GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Jefferies Financial Group lifted their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, TD Cowen assumed coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Eight research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $419.27 on Thursday. The company’s 50 day moving average price is $351.59 and its 200-day moving average price is $270.59. GE Vernova has a 52-week low of $115.00 and a 52-week high of $447.50. The stock has a market capitalization of $115.57 billion and a price-to-earnings ratio of 75.41.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that GE Vernova will post 6.61 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has approved a stock buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently bought and sold shares of the company. Mountaineer Partners Management LLC bought a new stake in shares of GE Vernova during the 3rd quarter valued at about $2,507,296,000. Legal & General Group Plc purchased a new position in shares of GE Vernova in the second quarter worth approximately $293,699,000. Electron Capital Partners LLC grew its position in GE Vernova by 1,641.3% during the second quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after buying an additional 1,596,996 shares during the period. International Assets Investment Management LLC increased its holdings in GE Vernova by 35,238.2% during the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after buying an additional 1,431,729 shares during the last quarter. Finally, WCM Investment Management LLC raised its position in GE Vernova by 83.1% in the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after acquiring an additional 1,161,901 shares during the period.

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.