Veren (NYSE:VRN) Reaches New 12-Month Low - Should You Sell?

Veren Inc. (NYSE:VRN - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.47 and last traded at $4.49, with a volume of 12729435 shares. The stock had previously closed at $4.65.

Analyst Upgrades and Downgrades

VRN has been the topic of several analyst reports. Royal Bank of Canada reduced their target price on Veren from $12.00 to $10.00 and set an "outperform" rating on the stock in a report on Friday, November 1st. Raymond James assumed coverage on shares of Veren in a research note on Friday, October 18th. They issued a "strong-buy" rating and a $13.00 price objective on the stock.

Veren Price Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The business has a 50 day moving average price of $5.40 and a 200-day moving average price of $6.60. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 3.17 and a beta of 2.16.

Veren Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be paid a $0.085 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Veren's previous quarterly dividend of $0.08. This represents a $0.34 annualized dividend and a yield of 7.66%. Veren's payout ratio is 24.29%.

Institutional Trading of Veren

Several large investors have recently modified their holdings of VRN. SG Americas Securities LLC bought a new position in Veren during the second quarter worth $293,000. Fifth Third Bancorp bought a new position in shares of Veren during the 2nd quarter worth about $85,000. Penbrook Management LLC acquired a new stake in shares of Veren in the 2nd quarter valued at about $3,723,000. Easterly Investment Partners LLC bought a new stake in Veren in the 2nd quarter valued at about $3,096,000. Finally, Bank of New York Mellon Corp acquired a new position in Veren during the 2nd quarter worth approximately $1,331,000. Institutional investors and hedge funds 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.