1832 Asset Management L.P. Purchases New Holdings in Veren Inc. (NYSE:VRN)

1832 Asset Management L.P. acquired a new position in Veren Inc. (NYSE:VRN) during the second quarter, HoldingsChannel reports. The institutional investor acquired 20,597 shares of the company’s stock, valued at approximately $162,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lorne Steinberg Wealth Management Inc. bought a new stake in shares of Veren in the 2nd quarter worth approximately $624,000. Easterly Investment Partners LLC purchased a new position in Veren during the second quarter valued at $3,096,000. CIBC Asset Management Inc purchased a new position in Veren during the second quarter valued at $155,853,000. American Century Companies Inc. bought a new stake in Veren in the second quarter worth $32,076,000. Finally, National Bank of Canada FI purchased a new stake in shares of Veren in the second quarter worth $8,896,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Stock Down 4.0 %

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

Veren (NYSE:VRN) last issued its earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. Veren had a positive return on equity of 13.50% and a negative net margin of 0.69%. The business had revenue of $852.57 million for the quarter, compared to the consensus estimate of $821.00 million. As a group, sell-side analysts anticipate that Veren Inc. will post 1 earnings per share for the current year.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Sunday, September 15th will be issued a $0.0834 dividend. This represents a $0.33 annualized dividend and a yield of 5.50%. This is an increase from Veren’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, September 13th. Veren’s dividend payout ratio (DPR) is presently -412.50%.

Analyst Upgrades and Downgrades

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

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.