Veren (NYSE:VRN) Hits New 1-Year Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Raymond James started coverage on Veren in a research note on Friday, October 18th. They set a “strong-buy” rating and a $13.00 target price for the company. Royal Bank of Canada lowered their price objective on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, November 1st.

Veren Trading Up 5.0 %

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The company’s 50-day moving average price is $5.37 and its 200-day moving average price is $6.58. The firm has a market capitalization of $2.87 billion, a PE ratio of 3.33 and a beta of 2.16.

Veren Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be issued a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 7.30%. This is an increase from Veren’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, December 13th. Veren’s payout ratio is 24.29%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. CIBC Asset Management Inc acquired a new position in Veren in the second quarter valued at approximately $155,853,000. Ninepoint Partners LP purchased a new stake in shares of Veren during the 2nd quarter worth approximately $125,920,000. Bank of Montreal Can acquired a new position in shares of Veren in the 2nd quarter valued at $105,665,000. HITE Hedge Asset Management LLC purchased a new position in shares of Veren in the 3rd quarter valued at $65,155,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Veren during the 2nd quarter worth $79,409,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

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.