Veren (NYSE:VRN) Sees Unusually-High Trading Volume – Still a Buy?

Veren Inc. (NYSE:VRN) shares saw unusually-high trading volume on Thursday . Approximately 12,748,695 shares changed hands during mid-day trading, an increase of 69% from the previous session’s volume of 7,529,229 shares.The stock last traded at $4.93 and had previously closed at $4.95.

Veren Stock Performance

The stock’s 50-day simple moving average is $5.22 and its 200-day simple moving average is $5.65. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 3.51 and a beta of 2.08. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Veren Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Saturday, March 15th will be given a dividend of $0.0797 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.48%. Veren’s payout ratio is presently 100.00%.

Institutional Trading of Veren

A number of institutional investors and hedge funds have recently made changes to their positions in VRN. EverSource Wealth Advisors LLC lifted its holdings in shares of Veren by 80.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 5,951 shares of the company’s stock worth $31,000 after acquiring an additional 2,655 shares during the period. Silvercrest Asset Management Group LLC bought a new stake in shares of Veren during the 4th quarter worth approximately $54,000. State of Wyoming lifted its holdings in shares of Veren by 44.7% during the 4th quarter. State of Wyoming now owns 10,736 shares of the company’s stock worth $55,000 after acquiring an additional 3,319 shares during the period. Nebula Research & Development LLC bought a new stake in shares of Veren during the 4th quarter worth approximately $56,000. Finally, Arkadios Wealth Advisors bought a new stake in shares of Veren during the 4th quarter worth approximately $59,000. 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.