Veren (NYSE:VRN) Shares Down 12.4% – What’s Next?

Veren Inc. (NYSE:VRN) shares dropped 12.4% during mid-day trading on Thursday . The stock traded as low as $5.19 and last traded at $5.28. Approximately 2,289,123 shares traded hands during trading, a decline of 48% from the average daily volume of 4,436,576 shares. The stock had previously closed at $6.03.

Analyst Ratings Changes

Several brokerages have recently commented on VRN. Scotiabank lowered their price target on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Raymond James started coverage on Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 target price on the stock.

Veren Price Performance

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49. The firm has a 50-day moving average price of $6.48. The firm has a market capitalization of $3.16 billion, a P/E ratio of -66.00 and a beta of 2.14.

Institutional Investors Weigh In On Veren

Institutional investors have recently added to or reduced their stakes in the stock. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Veren in the second quarter valued at about $36,000. EverSource Wealth Advisors LLC bought a new stake in Veren in the 2nd quarter valued at approximately $42,000. Pacifica Partners Inc. bought a new position in shares of Veren during the 2nd quarter worth approximately $61,000. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in shares of Veren in the third quarter valued at approximately $79,000. Finally, Fifth Third Bancorp bought a new stake in shares of Veren in the second quarter worth $85,000. 49.37% of the stock is owned by institutional investors.

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.