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

Shares of Veren Inc. (NYSE:VRN) hit a new 52-week low on Friday . The stock traded as low as $4.86 and last traded at $4.86, with a volume of 192214 shares traded. The stock had previously closed at $4.91.

Analysts Set New Price Targets

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

Veren Stock Performance

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.99 billion, a PE ratio of 3.47 and a beta of 2.16. The business’s 50-day moving average price is $5.56 and its 200-day moving average price is $6.72.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 7.00%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Veren’s previous quarterly dividend of $0.08. Veren’s dividend payout ratio is currently 24.29%.

Institutional Investors Weigh In On Veren

Several institutional investors have recently added to or reduced their stakes in VRN. EverSource Wealth Advisors LLC purchased a new position in Veren in the 2nd quarter worth $42,000. DORCHESTER WEALTH MANAGEMENT Co acquired a new position in shares of Veren in the third quarter valued at about $79,000. Fifth Third Bancorp purchased a new position in shares of Veren in the second quarter worth about $85,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Veren during the second quarter worth about $103,000. Finally, Blue Trust Inc. purchased a new stake in Veren in the third quarter valued at approximately $104,000. Institutional investors and hedge funds 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.