Veren (NYSE:VRN) Sees Strong Trading Volume – Time to Buy?

Veren Inc. (NYSE:VRN) shares saw strong trading volume on Wednesday . 11,679,521 shares were traded during mid-day trading, an increase of 44% from the previous session’s volume of 8,135,834 shares.The stock last traded at $5.98 and had previously closed at $5.86.

Veren Trading Up 4.0 %

The company has a market cap of $3.73 billion, a price-to-earnings ratio of 4.35 and a beta of 2.08. The company’s 50 day moving average price is $5.25 and its 200 day moving average price is $5.60. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88.

Veren Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Saturday, March 15th will be issued a dividend of $0.0797 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date is Friday, March 14th. Veren’s dividend payout ratio is 100.00%.

Institutional Investors Weigh In On Veren

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC acquired a new stake in shares of Veren in the third quarter worth $65,155,000. Ninepoint Partners LP raised its holdings in Veren by 16.6% in the 4th quarter. Ninepoint Partners LP now owns 21,100,000 shares of the company’s stock worth $108,454,000 after acquiring an additional 3,000,000 shares during the period. Balyasny Asset Management L.P. acquired a new position in Veren during the 4th quarter worth $12,492,000. Canada Pension Plan Investment Board bought a new stake in Veren during the fourth quarter valued at about $10,269,000. Finally, Bornite Capital Management LP acquired a new stake in shares of Veren in the fourth quarter valued at about $10,280,000. 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.