Elevated Capital Advisors LLC Cuts Position in GE Vernova Inc. (NYSE:GEV)

Elevated Capital Advisors LLC trimmed its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 27.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,025 shares of the company’s stock after selling 395 shares during the period. Elevated Capital Advisors LLC’s holdings in GE Vernova were worth $337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of GEV. Castleview Partners LLC bought a new position in GE Vernova in the 3rd quarter valued at $28,000. Covestor Ltd boosted its holdings in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after buying an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new position in GE Vernova during the third quarter valued at about $31,000. Prestige Wealth Management Group LLC increased its holdings 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 buying an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp raised its position in GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after acquiring an additional 130 shares during the period.

GE Vernova Trading Down 0.3 %

Shares of GEV opened at $366.14 on Tuesday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $376.30. The stock has a 50-day moving average price of $339.96 and a 200-day moving average price of $258.81.

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

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Guggenheim reduced their target price on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Oppenheimer initiated coverage on GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating for the company. Wells Fargo & Company boosted their target price on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft assumed coverage on GE Vernova in a research report on Monday, October 21st. They set a “buy” rating and a $354.00 price target on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $376.00 price objective on shares of GE Vernova in a report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $314.35.

GE Vernova 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.