1832 Asset Management L.P. Makes New Investment in Veren Inc. (NYSE:VRN)

1832 Asset Management L.P. purchased a new stake in shares of Veren Inc. (NYSE:VRN) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 20,597 shares of the company’s stock, valued at approximately $162,000.

A number of other large investors have also recently modified their holdings of VRN. Lorne Steinberg Wealth Management Inc. purchased a new stake in Veren in the second quarter valued at approximately $624,000. Easterly Investment Partners LLC purchased a new stake in shares of Veren during the 2nd quarter valued at $3,096,000. CIBC Asset Management Inc bought a new stake in shares of Veren during the 2nd quarter worth $155,853,000. American Century Companies Inc. purchased a new position in Veren in the second quarter worth $32,076,000. Finally, National Bank of Canada FI purchased a new position in shares of Veren during the 2nd quarter valued at about $8,896,000. Institutional investors own 49.37% of the company’s stock.

Veren Stock Down 4.0 %

Shares of Veren stock opened at $6.07 on Friday. The company has a market capitalization of $3.76 billion, a P/E ratio of -75.88 and a beta of 2.16. The company’s 50 day simple moving average is $7.02. Veren Inc. has a 52 week low of $6.03 and a 52 week high of $9.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49.

Veren (NYSE:VRN) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The business had revenue of $852.57 million during the quarter, compared to analyst estimates of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. On average, research analysts anticipate that Veren Inc. will post 1 earnings per share for the current year.

Veren Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Sunday, September 15th will be given a dividend of $0.0834 per share. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Veren’s previous quarterly dividend of $0.08. This represents a $0.33 annualized dividend and a dividend yield of 5.50%. Veren’s payout ratio is currently -412.50%.

Wall Street Analyst Weigh In

Separately, Scotiabank decreased their target price on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th.

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.