Veren (NYSE:VRN) Stock Price Up 7.2% After Strong Earnings

Veren Inc. (NYSE:VRN) rose 7.2% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $5.19 and last traded at $5.17. Approximately 2,911,238 shares were traded during trading, a decline of 82% from the average daily volume of 16,366,942 shares. The stock had previously closed at $4.82.

The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.08. Veren had a net margin of 26.93% and a return on equity of 12.23%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada cut their price objective on shares of Veren from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, November 1st.

Hedge Funds Weigh In On Veren

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC increased its stake in shares of Veren by 313.7% in the third quarter. Barclays PLC now owns 132,245 shares of the company’s stock worth $813,000 after buying an additional 100,279 shares during the last quarter. Intact Investment Management Inc. grew its holdings in 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. Alberta Investment Management Corp increased its position in shares of Veren by 108.0% in the 4th quarter. Alberta Investment Management Corp now owns 689,400 shares of the company’s stock worth $3,542,000 after purchasing an additional 358,000 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Veren by 19.3% in the 3rd quarter. Principal Financial Group Inc. now owns 4,038,140 shares of the company’s stock valued at $24,899,000 after purchasing an additional 653,300 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Veren by 302.4% during the third quarter. Toronto Dominion Bank now owns 553,902 shares of the company’s stock worth $3,406,000 after purchasing an additional 416,265 shares during the last quarter. 49.37% of the stock is currently owned by hedge funds and other institutional investors.

Veren Stock Up 10.3 %

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 3.78 and a beta of 2.10. The stock has a 50 day moving average of $5.19 and a 200 day moving average of $5.74.

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.