Royal Bank of Canada Lowers Veren (NYSE:VRN) Price Target to $10.00

Veren (NYSE:VRN) had its price target decreased by Royal Bank of Canada from $12.00 to $10.00 in a report released on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

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

Veren Stock Performance

Shares of Veren stock opened at $5.13 on Friday. The company has a market capitalization of $3.16 billion, a P/E ratio of 3.66 and a beta of 2.17. The business has a 50-day moving average price of $6.34. Veren has a one year low of $4.90 and a one year high of $9.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 6.63%. 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. Veren’s dividend payout ratio is currently 24.29%.

Institutional Trading of Veren

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc purchased a new stake in shares of Veren during the 2nd quarter valued at $155,853,000. Ninepoint Partners LP purchased a new position in Veren in the 2nd quarter worth $125,920,000. Bank of Montreal Can purchased a new position in Veren in the 2nd quarter worth $105,665,000. Dimensional Fund Advisors LP purchased a new position in Veren in the 2nd quarter worth $79,409,000. Finally, Millennium Management LLC purchased a new position in Veren in the 2nd quarter worth $74,306,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

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.