Royal Bank of Canada Reiterates Outperform Rating for GE Vernova (NYSE:GEV)

GE Vernova (NYSE:GEV)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $376.00 target price on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 7.97% from the company’s current price.

Several other brokerages also recently commented on GEV. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their price target on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their target price on GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Truist Financial increased their price target on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, BMO Capital Markets increased their price target on GE Vernova from $245.00 to $288.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Seven investment 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 a consensus target price of $304.73.

GE Vernova Stock Performance

Shares of NYSE GEV traded up $20.84 during trading hours on Wednesday, hitting $348.23. 2,076,464 shares of the stock were exchanged, compared to its average volume of 3,425,168. The company’s fifty day simple moving average is $306.45 and its two-hundred day simple moving average is $228.84. GE Vernova has a 1-year low of $115.00 and a 1-year high of $357.09.

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

Hedge Funds Weigh In On GE Vernova

Several hedge funds have recently made changes to their positions in GEV. Castleview Partners LLC bought a new stake in GE Vernova during the third quarter valued at $28,000. Covestor Ltd lifted its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in GE Vernova during the third 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 lifted its stake in GE Vernova by 1,000.0% during the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after purchasing an additional 130 shares during the last quarter.

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.