GE Vernova (NYSE:GEV) Rating Increased to Outperform at Royal Bank Of Canada

GE Vernova (NYSE:GEV) was upgraded by equities researchers at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $761.00 target price on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 21.76% from the stock’s previous close.

Several other equities analysts also recently weighed in on GEV. Wells Fargo & Company lifted their target price on GE Vernova from $697.00 to $717.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Rothschild & Co Redburn reaffirmed a “sell” rating and issued a $475.00 price objective on shares of GE Vernova in a research note on Wednesday, October 15th. HSBC boosted their price objective on GE Vernova from $570.00 to $580.00 and gave the company a “hold” rating in a research note on Friday, September 5th. Jefferies Financial Group reiterated a “hold” rating and issued a $654.00 price target on shares of GE Vernova in a research note on Monday, October 27th. Finally, TD Cowen dropped their price objective on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $640.11.

GE Vernova Stock Up 0.5%

GE Vernova stock opened at $625.02 on Wednesday. GE Vernova has a 52-week low of $252.25 and a 52-week high of $677.29. The company has a market cap of $169.58 billion, a P/E ratio of 101.79, a P/E/G ratio of 4.63 and a beta of 1.71. The business has a 50-day simple moving average of $591.25 and a two-hundred day simple moving average of $578.74.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.08). The business had revenue of $9.97 billion during the quarter, compared to the consensus estimate of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.GE Vernova’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.35) EPS. Research analysts anticipate that GE Vernova will post 6.59 EPS for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of GE Vernova during the first quarter worth $912,000. Pines Wealth Management LLC purchased a new position in GE Vernova in the 2nd quarter worth about $408,000. Resona Asset Management Co. Ltd. boosted its position in GE Vernova by 8.2% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 86,021 shares of the company’s stock valued at $26,229,000 after buying an additional 6,551 shares during the period. Dupree Financial Group LLC purchased a new stake in GE Vernova in the 2nd quarter valued at about $253,000. Finally, International Assets Investment Management LLC grew its stake in GE Vernova by 18.8% in the 2nd quarter. International Assets Investment Management LLC now owns 3,903 shares of the company’s stock worth $2,065,000 after acquiring an additional 619 shares in 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.