Veren (NYSE:VRN) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Veren Inc. (NYSE:VRN) saw an uptick in trading volume on Tuesday . 6,506,810 shares changed hands during mid-day 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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 target price on the stock. 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.

Veren Stock Up 2.5 %

The stock’s fifty day simple moving average is $5.34 and its two-hundred day simple moving average is $6.54. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 3.54 and a beta of 2.16.

Veren Increases Dividend

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

Institutional Trading of Veren

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC bought a new position in Veren during the 2nd quarter worth $42,000. Fifth Third Bancorp acquired a new position in shares of Veren during the second quarter valued at $85,000. DORCHESTER WEALTH MANAGEMENT Co bought a new position in shares of Veren during the third quarter worth about $79,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Veren in the 2nd quarter worth about $103,000. Finally, Brighton Jones LLC bought a new stake in Veren in the 2nd quarter valued at about $108,000. 49.37% of the stock is currently owned by institutional investors and hedge funds.

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.