Gagnon Advisors LLC Increases Position in Veren Inc. (NYSE:VRN)

Gagnon Advisors LLC increased its stake in shares of Veren Inc. (NYSE:VRN) by 42.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 890,693 shares of the company’s stock after buying an additional 267,580 shares during the period. Veren comprises 2.9% of Gagnon Advisors LLC’s portfolio, making the stock its 16th largest holding. Gagnon Advisors LLC owned 0.15% of Veren worth $4,578,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Gagnon Securities LLC grew its stake in Veren by 44.2% in the 4th quarter. Gagnon Securities LLC now owns 1,086,791 shares of the company’s stock valued at $5,586,000 after acquiring an additional 333,270 shares during the last quarter. Blue Trust Inc. grew its position in shares of Veren by 56.3% in the fourth quarter. Blue Trust Inc. now owns 26,416 shares of the company’s stock valued at $136,000 after purchasing an additional 9,520 shares during the last quarter. DGS Capital Management LLC increased its stake in shares of Veren by 302.3% during the 4th quarter. DGS Capital Management LLC now owns 76,814 shares of the company’s stock worth $395,000 after purchasing an additional 57,719 shares in the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Veren during the 4th quarter worth approximately $59,000. Finally, Canoe Financial LP purchased a new stake in Veren in the 4th quarter valued at approximately $103,000. 49.37% of the stock is owned by hedge funds and other institutional investors.

Veren Stock Performance

Veren stock opened at $5.05 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. Veren Inc. has a 12 month low of $4.39 and a 12 month high of $9.28. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 3.60 and a beta of 2.13. The stock’s 50-day moving average is $5.15 and its 200-day moving average is $6.06.

Veren (NYSE:VRN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). Veren had a return on equity of 12.23% and a net margin of 26.93%. The business had revenue of $813.63 million for the quarter, compared to analysts’ expectations of $738.93 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Equities analysts anticipate that Veren Inc. will post 0.94 earnings per share for the current year.

Analyst Ratings Changes

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

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.