Private Portfolio Partners LLC Takes $246,000 Position in GE Vernova Inc. (NYSE:GEV)

Private Portfolio Partners LLC purchased a new position in shares of GE Vernova Inc. (NYSE:GEV) during the fourth quarter, Holdings Channel.com reports. The fund purchased 747 shares of the company’s stock, valued at approximately $246,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC boosted its stake in shares of GE Vernova by 102.6% during the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares in the last quarter. MRP Capital Investments LLC purchased a new position in GE Vernova during the fourth quarter worth approximately $25,000. Fairway Wealth LLC grew its holdings in GE Vernova by 220.0% in the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Pineridge Advisors LLC raised its stake in shares of GE Vernova by 530.8% during the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after buying an additional 69 shares during the period. Finally, Prestige Wealth Management Group LLC lifted its position in shares of GE Vernova by 175.0% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 77 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GEV shares. Johnson Rice assumed coverage on shares of GE Vernova in a report on Friday, February 7th. They issued a “buy” rating and a $425.00 price target for the company. Barclays reduced their price target on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a research report on Monday, March 3rd. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. JPMorgan Chase & Co. increased their target price on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Finally, TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $350.27.

GE Vernova Stock Performance

Shares of GEV stock opened at $331.17 on Thursday. The firm has a market cap of $91.37 billion and a P/E ratio of 59.56. The firm’s 50 day moving average price is $339.82 and its 200-day moving average price is $324.64. GE Vernova Inc. has a one year low of $119.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

About GE Vernova

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.