CIBC Asset Management Inc Cuts Holdings in Veren Inc. (NYSE:VRN)

CIBC Asset Management Inc decreased its position in Veren Inc. (NYSE:VRN) by 20.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,656,304 shares of the company’s stock after selling 4,116,696 shares during the period. CIBC Asset Management Inc owned 2.54% of Veren worth $96,619,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Veren during the second quarter valued at approximately $36,000. EverSource Wealth Advisors LLC purchased a new stake in Veren during the second quarter worth about $42,000. Pacifica Partners Inc. bought a new stake in Veren in the second quarter worth about $61,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Veren in the third quarter valued at about $79,000. Finally, Fifth Third Bancorp bought a new position in shares of Veren during the 2nd quarter valued at approximately $85,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Stock Performance

NYSE:VRN opened at $5.30 on Friday. Veren Inc. has a 52-week low of $4.90 and a 52-week high of $9.28. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 3.79 and a beta of 2.17. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The company’s fifty day moving average is $6.08.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Sunday, December 15th will be given a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date is Friday, December 13th. This is an increase from Veren’s previous quarterly dividend of $0.08. Veren’s dividend payout ratio (DPR) is 24.29%.

Wall Street Analyst Weigh In

VRN has been the topic of a number of research reports. Royal Bank of Canada lowered their price target on shares of Veren from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Raymond James began coverage on shares of Veren in a research report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 target price for the company.

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.