Veren (NYSE:VRN) Hits New 1-Year Low – Should You Sell?

Veren Inc. (NYSE:VRN)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $6.02 and last traded at $6.05, with a volume of 651546 shares trading hands. The stock had previously closed at $6.31.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered their target price 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 0.7 %

The company has a market capitalization of $3.76 billion, a PE ratio of -76.00 and a beta of 2.14. The business has a fifty day moving average price of $6.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49.

Veren (NYSE:VRN) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.28 EPS for the quarter, hitting analysts’ consensus estimates of $0.28. The firm had revenue of $852.57 million for the quarter, compared to the consensus estimate 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, analysts predict that Veren Inc. will post 0.99 EPS for the current year.

Veren Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were issued a dividend of $0.0834 per share. The ex-dividend date was Friday, September 13th. This represents a $0.33 dividend on an annualized basis and a yield of 5.49%. This is an increase from Veren’s previous quarterly dividend of $0.08. Veren’s payout ratio is currently -412.50%.

Hedge Funds Weigh In On Veren

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company acquired a new position in Veren during the second quarter worth about $28,162,000. Lorne Steinberg Wealth Management Inc. acquired a new position in Veren during the second quarter worth about $624,000. Ninepoint Partners LP acquired a new position in Veren during the second quarter worth about $125,920,000. Merewether Investment Management LP acquired a new position in Veren during the second quarter worth about $36,681,000. Finally, Renaissance Technologies LLC acquired a new position in Veren during the second quarter worth about $686,000. Institutional investors and hedge funds own 49.37% of the company’s stock.

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.