Veren (NYSE:VRN) Sees Unusually-High Trading Volume - Here's Why

On Tuesday, shares of Veren Inc. (NYSE:VRN) experienced a notable increase in trading volume, with a total of 6,506,810 shares traded during mid-day hours. This marks a 30% rise compared to the previous day's trading volume of 4,996,943 shares. The stock was last priced at $4.90, up from its previous close of $4.83.

Analysts Predict Strong Growth

Several analysts from leading research firms have recently released opinions on Veren's stock. For instance, Raymond James initiated coverage on Veren on October 18th, labeling it as a "strong-buy" with an ambitious target price of $13.00. Meanwhile, the Royal Bank of Canada adjusted its outlook by lowering its target from $12.00 to $10.00 while maintaining an "outperform" rating.

Recent Performance of Veren Stock

The current fifty-day simple moving average for Veren is $5.34, while its two-hundred day simple moving average stands at $6.54. Financial ratios indicate that Veren has a debt-to-equity ratio of 0.34 and both a current and quick ratio of 0.88. The company's market capitalization is approximately $3.05 billion, with a price-to-earnings ratio of 3.54 and a beta of 2.16, suggesting higher volatility compared to the market.

Increase in Dividend Payments

Recently, Veren announced an increase in its quarterly dividend, which is set to be distributed on January 2nd. Shareholders who are on record by December 15th will receive a dividend of $0.085 per share. This represents a notable increase from the previous quarterly dividend of $0.08, translating into an annualized payout of $0.34 and a dividend yield of 6.87%. The ex-dividend date is December 13th, and the current dividend payout ratio is 24.29%.

Institutional Interest in Veren

In recent quarters, several institutional investors and hedge funds have adjusted their holdings in Veren. For instance, EverSource Wealth Advisors LLC acquired a new stake valued at $42,000 during the second quarter. Similarly, Fifth Third Bancorp invested approximately $85,000 in shares of Veren. Additionally, DORCHESTER WEALTH MANAGEMENT Co purchased a position worth about $79,000 in the third quarter. Other notable institutions include Oliver Lagore Vanvalin Investment Group and Brighton Jones LLC, purchasing stakes worth $103,000 and $108,000, respectively. Overall, 49.37% of the stock is currently owned by institutional investors.

Overview of Veren Inc.

Veren Inc. is actively engaged in the exploration, development, and production of oil and gas assets primarily in Canada and the United States. The company mainly focuses on crude oil, tight oil, natural gas liquids, shale gas, and various natural gas reserves. Its operational properties are located across several regions, including the provinces of Saskatchewan, Alberta, British Columbia, and Manitoba, as well as in North Dakota.

Final Thoughts on Veren's Investment Potential

Despite the recent buzz surrounding Veren's stock and its current "Buy" rating by analysts, it may be prudent for potential investors to consider other opportunities as well. Some of Wall Street's top-rated analysts have highlighted five stocks that they believe are more compelling investments at this time.

Veren, Volume, Dividend, Growth, Stocks