Royal Bank of Canada Issues Pessimistic Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV) had its price target reduced by Royal Bank of Canada from $453.00 to $445.00 in a report published on Tuesday, MarketBeat.com reports. Royal Bank of Canada currently has an outperform rating on the stock.

GEV has been the topic of a number of other research reports. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price on the stock in a research note on Wednesday, March 5th. Barclays cut their target price on shares of GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a research note on Monday, March 3rd. Robert W. Baird began coverage on shares of GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 price target on the stock. Finally, BMO Capital Markets dropped their price target on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $348.72.

GE Vernova Stock Up 0.2 %

Shares of GEV opened at $336.46 on Tuesday. The company’s fifty day moving average is $352.82 and its two-hundred day moving average is $316.52. GE Vernova has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The firm has a market cap of $92.83 billion and a PE ratio of 60.51.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s revenue was up 5.1% on a year-over-year basis. As a group, equities research analysts anticipate that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has approved a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC boosted its holdings in shares of GE Vernova by 3.4% in the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after buying an additional 814,155 shares during the period. Capital International Investors boosted its stake in GE Vernova by 25.3% during the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after purchasing an additional 2,994,660 shares during the period. State Street Corp boosted its stake in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the period. Mountaineer Partners Management LLC acquired a new position in GE Vernova during the 3rd quarter valued at about $2,507,296,000. Finally, Geode Capital Management LLC boosted its stake in GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock valued at $1,898,814,000 after purchasing an additional 195,828 shares during the period.

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.