Veren (NYSE:VRN) Sets New 52-Week Low – Here’s What Happened

Veren Inc. (NYSE:VRN) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $4.47 and last traded at $4.49, with a volume of 12729435 shares. The stock had previously closed at $4.65.

Wall Street Analysts Forecast Growth

VRN has been the subject of a number of recent analyst reports. Royal Bank of Canada reduced their target price on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Raymond James started coverage on Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective on the stock.

Veren Price Performance

The firm’s 50-day moving average is $5.44 and its 200-day moving average is $6.62. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $2.76 billion, a P/E ratio of 3.21 and a beta of 2.16.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a $0.085 dividend. This is a positive change from Veren’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, December 13th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 7.57%. Veren’s dividend payout ratio is 24.29%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new position in shares of Veren in the 2nd quarter worth $42,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in Veren in the third quarter worth $79,000. Fifth Third Bancorp purchased a new stake in Veren in the 2nd quarter valued at about $85,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Veren during the 2nd quarter worth $103,000. Finally, Blue Trust Inc. purchased a new stake in Veren in the third quarter worth about $104,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

About Veren

Veren Inc explores, develops, and produces oil and gas properties in Canada and the United States. The company focuses on crude oil, tight oil, natural gas liquids, shale gas, and natural gas reserves. Its properties are located in the provinces of Saskatchewan, Alberta, British Columbia, and Manitoba; and the states of North Dakota.