Cibc World Market Inc. Has $24.74 Million Stake in Veren Inc. (NYSE:VRN)

Cibc World Market Inc. lessened its holdings in shares of Veren Inc. (NYSE:VRN) by 14.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,814,787 shares of the company’s stock after selling 842,147 shares during the period. Cibc World Market Inc.’s holdings in Veren were worth $24,744,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Arkadios Wealth Advisors acquired a new position in shares of Veren during the 4th quarter worth $59,000. DORCHESTER WEALTH MANAGEMENT Co acquired a new position in Veren during the third quarter worth $79,000. Canoe Financial LP bought a new position in Veren during the fourth quarter valued at about $103,000. Blue Trust Inc. acquired a new stake in shares of Veren in the third quarter worth about $104,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Veren during the 3rd quarter worth about $108,000. 49.37% of the stock is currently owned by institutional investors and hedge funds.

Veren Price Performance

Shares of NYSE:VRN opened at $5.05 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $5.15 and a 200 day moving average price of $6.06. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 3.60 and a beta of 2.13. Veren Inc. has a twelve month low of $4.39 and a twelve month high of $9.28.

Veren (NYSE:VRN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). Veren had a return on equity of 12.23% and a net margin of 26.93%. The company had revenue of $813.63 million during the quarter, compared to analyst estimates of $738.93 million. During the same quarter in the previous year, the business posted $0.31 EPS. Research analysts predict that Veren Inc. will post 0.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on VRN. Royal Bank of Canada cut their price objective on Veren from $12.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Raymond James began coverage on shares of Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective for the company.

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.