FY2024 Earnings Forecast for Veren Issued By Atb Cap Markets

Veren Inc. (NYSE:VRN) – Stock analysts at Atb Cap Markets cut their FY2024 earnings per share (EPS) estimates for shares of Veren in a research report issued to clients and investors on Wednesday, January 22nd. Atb Cap Markets analyst A. Arif now forecasts that the company will post earnings per share of $0.90 for the year, down from their prior estimate of $0.94. The consensus estimate for Veren’s current full-year earnings is $0.96 per share. Atb Cap Markets also issued estimates for Veren’s Q1 2025 earnings at $0.17 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.19 EPS and FY2025 earnings at $0.77 EPS.

A number of other analysts have also recently issued reports on the company. Royal Bank of Canada reduced their price objective on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Raymond James started coverage on Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price target for the company.

Veren Trading Down 1.4 %

Veren stock opened at $5.12 on Monday. Veren has a 12 month low of $4.39 and a 12 month high of $9.28. 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 stock has a market cap of $3.13 billion, a P/E ratio of 3.65 and a beta of 2.13. The company’s fifty day simple moving average is $5.16 and its 200-day simple moving average is $6.09.

Veren (NYSE:VRN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Veren had a net margin of 26.93% and a return on equity of 12.23%. The company had revenue of $813.63 million for the quarter, compared to analysts’ expectations of $738.93 million. During the same period in the previous year, the firm posted $0.31 earnings per share.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Sunday, December 15th were paid a $0.085 dividend. This represents a $0.34 annualized dividend and a dividend yield of 6.65%. The ex-dividend date was Friday, December 13th. This is a positive change from Veren’s previous quarterly dividend of $0.08. Veren’s payout ratio is presently 23.57%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. HITE Hedge Asset Management LLC bought a new stake in Veren during the third quarter worth approximately $65,155,000. Millennium Management LLC bought a new stake in Veren during the second quarter valued at about $74,306,000. The Manufacturers Life Insurance Company bought a new position in shares of Veren in the second quarter worth about $28,162,000. Intact Investment Management Inc. lifted its position in shares of 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 purchasing an additional 1,737,840 shares during the last quarter. Finally, Wexford Capital LP acquired a new position in shares of Veren during the third quarter worth approximately $9,322,000. Institutional investors and hedge funds own 49.37% of the company’s stock.

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.