Bank of America Issues Positive Forecast for GE Vernova (NYSE:GEV) Stock Price

GE Vernova (NYSE:GEV - Free Report) had its target price upped by Bank of America from $520.00 to $550.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Truist Financial set a $440.00 price target on shares of GE Vernova in a research note on Thursday, March 27th. Royal Bank of Canada dropped their price target on shares of GE Vernova from $453.00 to $445.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 18th. Susquehanna restated a "positive" rating and set a $499.00 price target (up from $399.00) on shares of GE Vernova in a research note on Wednesday, May 14th. Jefferies Financial Group cut shares of GE Vernova from a "buy" rating to a "hold" rating and upped their price target for the company from $427.00 to $517.00 in a research note on Thursday, May 29th. Finally, Robert W. Baird upped their price target on shares of GE Vernova from $387.00 to $405.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $404.56.

GE Vernova Stock Performance

GEV traded down $9.74 during midday trading on Wednesday, reaching $477.93. The company had a trading volume of 2,432,081 shares, compared to its average volume of 3,281,303. The stock has a market cap of $130.44 billion, a PE ratio of 85.96, a P/E/G ratio of 3.03 and a beta of 1.97. GE Vernova has a 12-month low of $150.01 and a 12-month high of $500.72. The business has a 50-day moving average price of $408.13 and a two-hundred day moving average price of $365.62.

GE Vernova (NYSE:GEV - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion for the quarter, compared to analysts' expectations of $7.56 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.47) earnings per share. On average, research analysts anticipate that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, April 18th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.21%. The ex-dividend date was Thursday, April 17th. GE Vernova's dividend payout ratio is currently 14.41%.

Hedge Funds Weigh In On GE Vernova

Several institutional investors and hedge funds have recently made changes to their positions in GEV. MRP Capital Investments LLC bought a new position in shares of GE Vernova during the 4th quarter valued at $25,000. Fairway Wealth LLC grew its holdings in shares of GE Vernova by 220.0% during the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company's stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Navigoe LLC bought a new position in shares of GE Vernova during the 4th quarter valued at $27,000. EQ Wealth Advisors LLC bought a new position in shares of GE Vernova during the 1st quarter valued at $27,000. Finally, IMA Advisory Services Inc. bought a new position in shares of GE Vernova during the 1st quarter valued at $27,000.

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.