Veren (NYSE:VRN) Coverage Initiated by Analysts at Raymond James

Raymond James started coverage on shares of Veren (NYSE:VRN) in a research note published on Friday, Marketbeat.com reports. The brokerage issued a strong-buy rating and a $13.00 target price on the stock.

Separately, Scotiabank cut their price target on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th.

Veren Stock Down 1.4 %

Shares of Veren stock opened at $6.03 on Friday. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -75.31 and a beta of 2.14. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $6.67. Veren has a 52 week low of $5.95 and a 52 week high of $9.28.

Veren (NYSE:VRN) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The firm had revenue of $852.57 million during the quarter, compared to analyst estimates of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. As a group, research analysts anticipate that Veren will post 0.99 earnings per share for the current fiscal year.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were given a dividend of $0.0834 per share. This is a boost from Veren’s previous quarterly dividend of $0.08. This represents a $0.33 annualized dividend and a yield of 5.54%. The ex-dividend date of this dividend was Friday, September 13th. Veren’s dividend payout ratio (DPR) is currently -412.50%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of VRN. CIBC Asset Management Inc acquired a new position in Veren during the second quarter worth about $155,853,000. Ninepoint Partners LP acquired a new position in shares of Veren in the second quarter valued at approximately $125,920,000. Bank of Montreal Can purchased a new stake in shares of Veren during the second quarter worth $105,665,000. Dimensional Fund Advisors LP purchased a new stake in Veren during the 2nd quarter worth about $79,409,000. Finally, Millennium Management LLC acquired a new stake in Veren in the second quarter valued at approximately $74,306,000. 49.37% of the stock is owned by institutional investors and hedge funds.

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.