Royal Bank of Canada Has Lowered Expectations for Veren (NYSE:VRN) Stock Price

Veren (NYSE:VRN) had its price target cut by analysts at Royal Bank of Canada from $12.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 101.21% from the company’s previous close.

A number of other analysts have also commented on the company. Scotiabank reduced their target price on Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Raymond James began coverage on Veren in a research note on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price target on the stock.

Veren Trading Down 3.7 %

Veren stock opened at $4.97 on Friday. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -82.82 and a beta of 2.14. The business has a fifty day simple moving average of $6.39. Veren has a 12 month low of $4.90 and a 12 month high of $9.28. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36.

Hedge Funds Weigh In On Veren

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

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.