Veren (NYSE:VRN) Sees Unusually-High Trading Volume – Time to Buy?

Veren Inc. (NYSE:VRN) shares saw an uptick in trading volume on Tuesday . 6,506,810 shares changed hands during trading, an increase of 30% from the previous session’s volume of 4,996,943 shares.The stock last traded at $4.90 and had previously closed at $4.83.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Raymond James assumed coverage on Veren in a report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price objective for the company. Royal Bank of Canada decreased their price target on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday, November 1st.

Veren Price Performance

The business’s 50-day simple moving average is $5.34 and its 200 day simple moving average is $6.54. The company has a market capitalization of $3.05 billion, a P/E ratio of 3.54 and a beta of 2.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Veren Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Sunday, December 15th will be issued a dividend of $0.085 per share. This is a boost from Veren’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, December 13th. This represents a $0.34 annualized dividend and a yield of 6.87%. Veren’s payout ratio is presently 24.29%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VRN. EverSource Wealth Advisors LLC acquired a new stake in Veren during the second quarter valued at approximately $42,000. DORCHESTER WEALTH MANAGEMENT Co bought a new position in shares of Veren in the third quarter valued at $79,000. Fifth Third Bancorp acquired a new stake in shares of Veren during the 2nd quarter valued at $85,000. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Veren during the 2nd quarter worth $103,000. Finally, Blue Trust Inc. bought a new stake in shares of Veren during the 3rd quarter worth $104,000. Institutional investors own 49.37% of the company’s stock.

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.