Veren (NYSE:VRN) Research Coverage Started at Raymond James

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

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

Veren Stock Down 1.3 %

VRN opened at $6.03 on Friday. Veren has a twelve month low of $5.95 and a twelve month high of $9.28. The company has a 50-day moving average of $6.67. The stock has a market capitalization of $3.73 billion, a PE ratio of -75.38 and a beta of 2.14. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36.

Veren (NYSE:VRN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, hitting 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 positive return on equity of 13.50% and a negative net margin of 0.69%. As a group, sell-side analysts anticipate that Veren will post 0.99 earnings per share for the current year.

Veren Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were paid a dividend of $0.0834 per share. The ex-dividend date of this dividend was Friday, September 13th. This is a boost from Veren’s previous quarterly dividend of $0.08. This represents a $0.33 dividend on an annualized basis and a dividend yield of 5.53%. Veren’s payout ratio is currently -412.50%.

Institutional Trading of Veren

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