Veren (NYSE:VRN) Sets New 52-Week Low – Time to Sell?

Veren Inc. (NYSE:VRN) shares hit a new 52-week low on Tuesday . The company traded as low as $5.95 and last traded at $5.98, with a volume of 1597870 shares trading hands. The stock had previously closed at $6.05.

Analyst Ratings Changes

A number of equities analysts have commented on VRN shares. Scotiabank cut 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 note on Friday, July 12th. Raymond James began coverage on Veren in a report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price objective for the company.

Veren Stock Performance

The firm has a market capitalization of $3.18 billion, a P/E ratio of -86.00 and a beta of 2.14. The company’s 50 day simple moving average is $6.48. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc purchased a new stake in Veren during the 2nd quarter valued at about $155,853,000. Ninepoint Partners LP purchased a new stake in shares of Veren during the second quarter valued at approximately $125,920,000. Bank of Montreal Can bought a new position in shares of Veren in the second quarter worth approximately $105,665,000. Dimensional Fund Advisors LP bought a new stake in Veren during the 2nd quarter valued at $79,409,000. Finally, Millennium Management LLC purchased a new stake in Veren during the 2nd quarter valued at $74,306,000. 49.37% of the stock is owned by institutional investors.

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.