Veren (NYSE:VRN) Trading Up 7.2% Following Earnings Beat

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

The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.08. Veren had a net margin of 26.93% and a return on equity of 12.23%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in Veren by 80.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 5,951 shares of the company’s stock worth $31,000 after purchasing an additional 2,655 shares during the period. Silvercrest Asset Management Group LLC acquired a new stake in shares of Veren in the 4th quarter worth approximately $54,000. State of Wyoming lifted its stake in shares of Veren by 44.7% in 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 position in shares of Veren in the fourth quarter valued at approximately $56,000. Finally, Arkadios Wealth Advisors acquired a new position in shares of Veren during the fourth quarter valued at approximately $59,000. 49.37% of the stock is owned by institutional investors and hedge funds.

Veren Stock Performance

The stock has a market cap of $3.25 billion, a P/E ratio of 3.78 and a beta of 2.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The company has a fifty day moving average of $5.19 and a 200 day moving average of $5.74.

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.