Veren (NYSE:VRN) Hits New 1-Year Low - Here's Why

Veren Inc. (NYSE:VRN - Get Free Report)'s share 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 changing hands. The stock had previously closed at $6.31.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered their target price on Veren from $16.00 to $15.00 and set a "sector outperform" rating for the company in a research note on Friday, July 12th.

Veren Stock Down 2.9 %

The firm's 50 day moving average price is $6.73. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.36. The firm has a market cap of $3.79 billion, a P/E ratio of -76.56 and a beta of 2.14.

Veren (NYSE:VRN - Get Free Report) last announced its earnings results on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, meeting the consensus estimate of $0.28. The company had revenue of $852.57 million during the quarter, compared to the consensus estimate of $821.00 million. Veren had a positive return on equity of 13.50% and a negative net margin of 0.69%. Analysts predict that Veren Inc. 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 $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 5.45%. This is an increase from Veren's previous quarterly dividend of $0.08. The ex-dividend date was Friday, September 13th. Veren's dividend payout ratio (DPR) is -412.50%.

Hedge Funds Weigh In On Veren

A number of hedge funds have recently bought and sold shares of VRN. Dixon Mitchell Investment Counsel Inc. acquired a new position in Veren in the second quarter worth about $36,000. EverSource Wealth Advisors LLC acquired a new position in Veren in the second quarter worth about $42,000. Pacifica Partners Inc. acquired a new position in Veren in the second quarter worth about $61,000. Fifth Third Bancorp bought a new position in Veren in the second quarter worth about $85,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new position in Veren in the second quarter worth about $103,000. 49.37% of the stock is currently owned by institutional investors and hedge funds.

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.