Citigroup Forecasts Strong Price Appreciation for GE Vernova (NYSE:GEV) Stock

GE Vernova (NYSE:GEV - Get Free Report) had its price target boosted by equities research analysts at Citigroup from $544.00 to $670.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's price target suggests a potential upside of 7.79% from the stock's previous close.

GEV has been the subject of a number of other research reports. Robert W. Baird boosted their target price on shares of GE Vernova from $568.00 to $706.00 and gave the company an "outperform" rating in a research report on Thursday. Morgan Stanley increased their price target on GE Vernova from $511.00 to $675.00 and gave the company an "overweight" rating in a research report on Thursday. Guggenheim reaffirmed a "buy" rating and set a $380.00 target price on shares of GE Vernova in a research report on Thursday, April 24th. The Goldman Sachs Group increased their price target on shares of GE Vernova from $500.00 to $570.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Wall Street Zen raised GE Vernova from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $528.67.

GE Vernova Stock Performance

Shares of GE Vernova stock traded down $7.45 on Thursday, reaching $621.58. The stock had a trading volume of 1,947,670 shares, compared to its average volume of 3,684,113. The business's 50-day moving average price is $502.54 and its two-hundred day moving average price is $402.41. GE Vernova has a fifty-two week low of $150.01 and a fifty-two week high of $633.72. The stock has a market cap of $169.65 billion, a P/E ratio of 89.56, a price-to-earnings-growth ratio of 4.13 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.23. The business had revenue of $9.11 billion during the quarter, compared to analysts' expectations of $8.78 billion. GE Vernova had a net margin of 5.42% and a return on equity of 10.10%. GE Vernova's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $4.65 earnings per share. As a group, equities analysts forecast that GE Vernova will post 6.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in GE Vernova by 3.4% in the fourth 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 in the last quarter. Vanguard Group Inc. grew its stake in GE Vernova by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company's stock worth $7,446,577,000 after acquiring an additional 432,830 shares during the period. Capital International Investors grew its stake in GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company's stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the period. Geode Capital Management LLC grew its stake in GE Vernova by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company's stock worth $1,898,814,000 after acquiring an additional 195,828 shares during the period. Finally, Norges Bank purchased a new stake in GE Vernova in the 4th quarter worth approximately $1,109,720,000.

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.

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