Royal Bank of Canada Has Lowered Expectations for Veren (NYSE:VRN) Stock Price

Veren (NYSE:VRN) had its price target decreased by stock analysts at Royal Bank of Canada from $12.00 to $10.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price points to a potential upside of 96.46% from the stock’s current price.

Several other brokerages also recently weighed in on VRN. Scotiabank cut their price target on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Raymond James initiated 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 Stock Performance

Shares of NYSE VRN traded down $0.07 during mid-day trading on Friday, hitting $5.09. The stock had a trading volume of 4,268,983 shares, compared to its average volume of 4,511,355. The stock’s 50 day moving average price is $6.44. 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 stock has a market cap of $3.14 billion, a price-to-earnings ratio of -84.82 and a beta of 2.14. Veren has a twelve month low of $4.99 and a twelve month high of $9.28.

Institutional Investors Weigh In On Veren

Hedge funds have recently bought and sold shares of the stock. Easterly Investment Partners LLC increased its holdings in shares of Veren by 15.0% during the 3rd quarter. Easterly Investment Partners LLC now owns 452,380 shares of the company’s stock valued at $2,782,000 after purchasing an additional 59,035 shares in the last quarter. Olympiad Research LP grew its position in Veren by 36.2% during the third quarter. Olympiad Research LP now owns 29,088 shares of the company’s stock valued at $179,000 after buying an additional 7,724 shares during the period. Principal Financial Group Inc. increased its holdings in Veren by 19.3% in the third quarter. Principal Financial Group Inc. now owns 4,038,140 shares of the company’s stock valued at $24,899,000 after buying an additional 653,300 shares in the last quarter. Capital Management Corp VA raised its position in shares of Veren by 92.1% in the third quarter. Capital Management Corp VA now owns 3,124,775 shares of the company’s stock worth $19,217,000 after acquiring an additional 1,498,544 shares during the period. Finally, Intact Investment Management Inc. boosted its stake in shares of Veren by 46.7% during the 3rd quarter. Intact Investment Management Inc. now owns 5,458,686 shares of the company’s stock worth $33,624,000 after acquiring an additional 1,737,840 shares in the last quarter. Hedge funds and other institutional investors 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.