Veren (NYSE:VRN) Trading Down 2.7%

Veren Inc. (NYSE:VRN) shares were down 2.7% on Thursday . The stock traded as low as $6.15 and last traded at $6.15. Approximately 462,636 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 4,296,876 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

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

Veren Stock Down 3.6 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market cap of $3.77 billion, a P/E ratio of -76.63 and a beta of 2.16. The company has a 50-day simple moving average of $7.02.

Veren (NYSE:VRN) last released its earnings results on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.28. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. The company had revenue of $852.57 million for the quarter, compared to the consensus estimate of $821.00 million. As a group, sell-side analysts expect that Veren Inc. will post 1 EPS for the current fiscal year.

Veren Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Sunday, September 15th will be issued a dividend of $0.0834 per share. This represents a $0.33 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Veren’s previous quarterly dividend of $0.08. Veren’s payout ratio is currently -412.50%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dixon Mitchell Investment Counsel Inc. acquired a new position in Veren in the second quarter valued at about $36,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Veren in the 2nd quarter valued at approximately $42,000. Pacifica Partners Inc. acquired a new stake in shares of Veren in the 2nd quarter valued at approximately $61,000. Fifth Third Bancorp bought a new position in Veren during the 2nd quarter worth approximately $85,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in Veren during the second quarter valued at approximately $103,000. 49.37% of the stock is currently owned by institutional investors.

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.