Royal Bank of Canada Cuts Veren (NYSE:VRN) Price Target to $10.00

Veren (NYSE:VRN) had its target price lowered by equities researchers at Royal Bank of Canada from $12.00 to $10.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 96.46% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. Raymond James initiated coverage on Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective for the company. Scotiabank lowered their price objective on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th.

Veren Stock Down 1.4 %

NYSE VRN traded down $0.07 during trading on Friday, hitting $5.09. 4,268,983 shares of the stock traded hands, compared to its average volume of 4,511,355. The firm has a market capitalization of $3.14 billion, a P/E ratio of -84.82 and a beta of 2.14. Veren has a 12-month low of $4.99 and a 12-month high of $9.28. The company has a 50-day moving average of $6.44. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.36.

Institutional Investors Weigh In On Veren

Hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc purchased a new stake in Veren during the second quarter valued at approximately $155,853,000. Ninepoint Partners LP purchased a new stake in shares of Veren during the 2nd quarter valued at $125,920,000. Bank of Montreal Can acquired a new stake in shares of Veren in the 2nd quarter worth $105,665,000. Dimensional Fund Advisors LP purchased a new position in Veren during the 2nd quarter worth $79,409,000. Finally, Millennium Management LLC purchased a new stake in Veren in the second quarter valued at about $74,306,000. 49.37% of the stock is currently 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.