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

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

Analysts Set New Price Targets

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

Veren Trading Up 5.0 %

The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 3.33 and a beta of 2.16. 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 has a 50 day moving average price of $5.37 and a 200 day moving average price of $6.58.

Veren Increases Dividend

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

Institutional Investors Weigh In On Veren

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

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.