Royal Bank of Canada Issues Pessimistic Forecast for Veren (NYSE:VRN) Stock Price

Veren (NYSE:VRN) had its target price dropped by equities researchers at Royal Bank of Canada from $12.00 to $10.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 101.21% from the stock’s previous close.

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

Veren Price Performance

Shares of VRN stock opened at $4.97 on Friday. The stock has a market cap of $3.06 billion, a PE ratio of -82.82 and a beta of 2.14. Veren has a 1-year low of $4.90 and a 1-year high of $9.28. The firm’s 50-day moving average is $6.39. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Veren in the 2nd quarter worth approximately $36,000. EverSource Wealth Advisors LLC bought a new position in shares of Veren in the 2nd quarter worth approximately $42,000. Pacifica Partners Inc. bought a new position in shares of Veren in the 2nd quarter worth approximately $61,000. Olympiad Research LP raised its position in shares of Veren by 36.2% in the 3rd quarter. Olympiad Research LP now owns 29,088 shares of the company’s stock worth $179,000 after acquiring an additional 7,724 shares in the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of Veren in the 2nd quarter worth approximately $85,000. 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.