Veren (NYSE:VRN) Reaches New 1-Year Low – Here’s Why

Veren Inc. (NYSE:VRN)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $6.02 and last traded at $6.05, with a volume of 651546 shares trading hands. The stock had previously closed at $6.31.

Wall Street Analysts Forecast Growth

Separately, Scotiabank cut their target price on Veren from $16.00 to $15.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th.

Veren Stock Performance

The firm has a market cap of $3.82 billion, a PE ratio of -76.88 and a beta of 2.14. The stock’s 50 day simple moving average is $6.73. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36.

Veren (NYSE:VRN) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. The business had revenue of $852.57 million during the quarter, compared to the consensus estimate of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. On average, sell-side analysts predict that Veren Inc. will post 0.99 earnings per share for the current fiscal year.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were issued a $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date was Friday, September 13th. This is a boost from Veren’s previous quarterly dividend of $0.08. Veren’s payout ratio is -412.50%.

Institutional Trading of Veren

Large investors have recently bought and sold shares of the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Veren in the 2nd quarter worth about $36,000. EverSource Wealth Advisors LLC bought a new position in Veren during the second quarter worth about $42,000. Pacifica Partners Inc. purchased a new position in shares of Veren in the second quarter worth about $61,000. Fifth Third Bancorp bought a new stake in shares of Veren in the second quarter valued at approximately $85,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Veren during the 2nd quarter valued at approximately $103,000. 49.37% of the stock is owned by hedge funds and other institutional investors.

Veren Company Profile

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.