Veren Inc. (NYSE:VRN) Experiences Surge in Trading Volume - Is It Still a Good Investment?

On Tuesday, shares of Veren Inc. (NYSE:VRN) experienced a significant increase in trading volume. A total of 6,506,810 shares were traded, marking a 30% rise over the previous session's volume of 4,996,943 shares. The stock was last reported at $4.90, slightly up from its prior close of $4.83.

Analysts Predict Growth for Veren

Recently, various equities research analysts have shared their assessments of Veren's stock. On October 18th, Raymond James initiated coverage on Veren, granting it a "strong-buy" rating and setting a target price of $13.00. Conversely, Royal Bank of Canada adjusted their target price for Veren from $12.00 to $10.00 while maintaining an "outperform" rating for the company as of November 1st.

Recent Performance of Veren Stock

As of now, Veren's fifty-day simple moving average stands at $5.34, while its two-hundred-day simple moving average is at $6.54. The company holds a market capitalization of $3.05 billion, a price-to-earnings ratio of 3.54, and a beta of 2.16. Additionally, it has a current ratio of 0.88 and a quick ratio of 0.88, alongside a debt-to-equity ratio of 0.34.

Dividend Increase Announced

Veren has also recently announced an increase in its quarterly dividend, set to be paid on January 2nd. Shareholders on record by December 15th will receive a dividend of $0.085 per share, which amounts to an annualized dividend of $0.34 and yields around 6.87%. The ex-dividend date for this payment is December 13th, and this amount represents an increase from the earlier dividend of $0.08. Currently, Veren's dividend payout ratio is at 24.29%.

Institutions Adjust Holdings in Veren

A variety of institutional investors and hedge funds have made notable changes to their positions in Veren recently. For instance, EverSource Wealth Advisors LLC invested $42,000 to acquire new shares in the second quarter, while Fifth Third Bancorp made a larger purchase, investing $85,000 in the same period. Other entities, such as DORCHESTER WEALTH MANAGEMENT Co and Oliver Lagore Vanvalin Investment Group, have similarly added to their stakes this quarter. Collectively, institutional investors and hedge funds currently own 49.37% of Veren's shares.

About Veren Inc.

Veren Inc. focuses on the exploration, development, and production of oil and gas properties primarily in Canada and the United States. The company specializes in crude oil, tight oil, natural gas liquids, shale gas, and natural gas reserves, with properties located in Saskatchewan, Alberta, British Columbia, Manitoba, and North Dakota.

Final Thoughts

With analysts optimistic about future growth and an increase in both stock activity and dividends, interest in Veren Inc. remains strong. Investors may want to consider the current market conditions and analyst evaluations before making any investment decisions regarding this stock.

Veren, Stock, Dividend