GE Vernova (NYSE:GEV) Shares Up 5.1% After Dividend Announcement

Shares of GE Vernova Inc. (NYSE:GEV) rose 5.1% on Wednesday after the company announced a dividend. The company traded as high as $347.00 and last traded at $344.16. Approximately 1,491,085 shares were traded during trading, a decline of 56% from the average daily volume of 3,421,473 shares. The stock had previously closed at $327.39.

The newly announced dividend which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.29%.

Analyst Ratings Changes

GEV has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of GE Vernova in a research report on Thursday, November 21st. They set an “overweight” rating and a $385.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $330.00 to $356.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Guggenheim increased their price objective on shares of GE Vernova from $300.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Oppenheimer initiated coverage on shares of GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.73.

GE Vernova Stock Up 6.0 %

The stock’s fifty day moving average price is $306.45 and its two-hundred day moving average price is $228.84.

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

Hedge Funds Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently bought and sold shares of GEV. Deseret Mutual Benefit Administrators bought a new position in GE Vernova during the 2nd quarter valued at about $25,000. Trifecta Capital Advisors LLC bought a new position in GE Vernova during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in GE Vernova during the 2nd quarter valued at about $25,000. Timber Creek Capital Management LLC bought a new position in shares of GE Vernova in the 2nd quarter worth approximately $27,000. Finally, Gradient Investments LLC bought a new position in shares of GE Vernova in the 2nd quarter worth approximately $27,000.

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.