GE Vernova (NYSE:GEV) Trading 5.2% Higher – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s share price was up 5.2% on Thursday . The company traded as high as $333.85 and last traded at $333.56. Approximately 1,425,391 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 3,450,258 shares. The stock had previously closed at $317.12.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GEV shares. Wells Fargo & Company boosted their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. TD Cowen started coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 target price for the company. Guggenheim dropped their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Finally, Hsbc Global Res downgraded GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Trading Up 5.2 %

The company has a 50 day moving average of $316.33 and a 200-day moving average of $236.02.

GE Vernova Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, December 20th.

GE Vernova announced that its board 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 purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of GE Vernova

Several hedge funds have recently modified their holdings of GEV. Waverton Investment Management Ltd increased its position in shares of GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares during the last quarter. Hanlon Investment Management Inc. acquired a new position in shares of GE Vernova during the third quarter worth $1,101,000. Atria Investments Inc grew its stake in shares of GE Vernova by 127.0% during the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares in the last quarter. Fractal Investments LLC purchased a new position in GE Vernova in the third quarter valued at $1,530,000. Finally, Legal & General Group Plc acquired a new stake in GE Vernova in the second quarter valued at $293,699,000.

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.