Retirement Guys Formula LLC has acquired a new stake in GE Vernova Inc. (NYSE: GEV), purchasing 1,600 shares valued at approximately $984,000 during the third quarter of 2023. This investment reflects a growing interest in the energy sector, as various institutional investors also adjust their holdings in the company.
Other notable transactions include Bay Harbor Wealth Management LLC, which increased its position in GE Vernova by an impressive 537.5% during the same period. Following this acquisition, Bay Harbor now holds 51 shares of the company, valued at $31,000. Elevation Wealth Partners LLC also raised its stake by 47.2%, acquiring 17 additional shares to bring its total to 53, worth $33,000. New positions were established by WFA Asset Management Corp, Howard Hughes Medical Institute, and Monetary Management Group Inc., with valuations ranging from $29,000 to $32,000.
Current Stock Performance and Dividend Announcement
As of the last trading session, GE Vernova’s stock opened at $653.24. The company has experienced a one-year low of $252.25 and a high of $731.00. The stock’s market capitalization stands at $177.24 billion, with a price-to-earnings (PE) ratio of 106.39 and a price-to-earnings-growth (PEG) ratio of 4.98.
In a significant move for shareholders, GE Vernova recently declared a quarterly dividend of $0.50, scheduled for payment on February 2, 2024. Shareholders of record on January 5, 2024 will receive this dividend, which reflects an annualized rate of $2.00 and a yield of 0.3%. This increase from the previous quarterly dividend of $0.25 highlights the company’s commitment to returning value to its investors.
Analyst Ratings and Future Outlook
Several research firms have recently weighed in on GE Vernova’s stock. William Blair reaffirmed an “outperform” rating, while The Goldman Sachs Group raised its target price from $735.00 to $840.00, maintaining a “buy” rating. HSBC also adjusted their price target from $570.00 to $580.00, categorizing the stock as a “hold.” Robert W. Baird set a price objective of $816.00, and Glj Research increased their target from $702.00 to $758.00, both endorsing a “buy” rating.
Overall, the consensus among analysts indicates a “Moderate Buy” rating with a target price of $691.11, according to data from MarketBeat. The stock has drawn attention from investors, with four analysts rating it as a Strong Buy, twenty-two as Buy, six as Hold, and two as Sell.
GE Vernova, formed from the energy businesses of General Electric, operates as a publicly listed entity on the NYSE under the ticker symbol GEV. The company designs, manufactures, and services equipment along the power generation and energy transition value chain, focusing on both conventional power and renewable energy technologies.
As the energy sector continues to evolve, GE Vernova’s strategic moves in investments and dividends may position it favorably for future growth. For further insights and updates on GE Vernova and related companies, interested parties can visit HoldingsChannel.com for the latest news and analysis.
