Why GE Venova Stock Topped the Market on Tuesday
Key Points
A project it's involved with earned a $400 million grant from the U.S. Department of Energy.
This will hopefully keep it on track for completion early next decade.
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On Tuesday, GE Venova (NYSE: GEV) announced some positive news regarding a nuclear project in Tennessee. That, combined with an analyst's price target raise, drove its stock price more than 4% that trading session.
Going nuclear
GE Venova announced that the U.S. Department of Energy (DoE) is awarding a $400 million grant to the Tennessee Valley Authority (TVA). This is earmarked for the continued development of a small modular reactor (SMR) being built by GE Venova Hitachi Nuclear Energy (a joint venture between GE Venova and the namesake Japanese company).
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Those funds will go quite some distance toward completing the facility. If completion occurs in the early 2030s as planned, the plant would become the first commercial SMR operating in the U.S., according to GE Venova.
Separtely, Deutsche Bank's Nicole DeBlase changed her fair value assessment on GE Venova Tuesday to $769 per share, a fair distance up from her previous price tag of $724. In doing so, she maintained her buy recommendation on the stock.
The right company at the right time
This grant reinforces GE Venova's solid position in the next-generation nuclear power plant space. This is a hot area of development thanks to the Trump administration's ambitious plans to bolster the nuclear sector in this country. Demand for power is expected to grow robustly, partly due to the relatively high resource requirements of artificial intelligence (AI) technology.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Ge Vernova. The Motley Fool has a disclosure policy.
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