Royal Bank of Canada Cuts GE Vernova (NYSE:GEV) Price Target to $445.00

GE Vernova (NYSE:GEV) had its price objective lowered by Royal Bank of Canada from $453.00 to $445.00 in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Wolfe Research started coverage on shares of GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Guggenheim raised shares of GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 target price for the company in a report on Wednesday, March 5th. Johnson Rice assumed coverage on shares of GE Vernova in a report on Friday, February 7th. They issued a “buy” rating and a $425.00 target price for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $348.72.

GE Vernova Stock Performance

Shares of GEV opened at $336.46 on Tuesday. GE Vernova has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The company has a market capitalization of $92.83 billion and a price-to-earnings ratio of 60.51. The firm has a 50-day simple moving average of $352.82 and a 200-day simple moving average of $316.52.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities research analysts forecast that GE Vernova will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of GE Vernova

A number of hedge funds have recently bought and sold shares of the company. M1 Capital Management LLC acquired a new stake in GE Vernova during the fourth quarter worth approximately $374,000. DSG Capital Advisors LLC acquired a new position in shares of GE Vernova in the 4th quarter valued at $269,000. Chancellor Financial Group WB LP acquired a new position in shares of GE Vernova in the 4th quarter valued at $258,000. CWC Advisors LLC. boosted its holdings in shares of GE Vernova by 2.0% in the 4th quarter. CWC Advisors LLC. now owns 1,870 shares of the company’s stock valued at $615,000 after purchasing an additional 36 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of GE Vernova by 7.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 123,473 shares of the company’s stock valued at $40,614,000 after purchasing an additional 8,330 shares during the last quarter.

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.