Veren (NYSE:VRN) Shares Gap Down - Here's Why

Veren Inc. (NYSE:VRN - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $6.26, but opened at $6.00. Veren shares last traded at $6.05, with a volume of 448,883 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Veren in a research report on Friday, October 18th. They set a "strong-buy" rating and a $13.00 price objective for the company. Scotiabank decreased their price target on Veren from $16.00 to $15.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th.

Veren Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49. The business has a fifty day moving average of $6.55. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -75.50 and a beta of 2.14.

Veren (NYSE:VRN - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. As a group, sell-side analysts expect that Veren Inc. will post 0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Veren

Hedge funds and other institutional investors have recently bought and sold shares of the stock. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in shares of Veren in the 3rd quarter valued at about $79,000. Blue Trust Inc. bought a new position in Veren in the third quarter worth approximately $104,000. Creative Planning acquired a new stake in Veren in the second quarter valued at approximately $456,000. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Veren during the second quarter valued at approximately $103,000. Finally, Ninepoint Partners LP bought a new stake in shares of Veren during the second quarter valued at approximately $125,920,000. 49.37% of the stock is 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.