Dynamic Technology Lab Private Ltd Purchases New Stake in Veren Inc. (NYSE:VRN)

Dynamic Technology Lab Private Ltd purchased a new position in Veren Inc. (NYSE:VRN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 173,265 shares of the company’s stock, valued at approximately $1,065,000.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Veren by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,312 shares of the company’s stock valued at $11,470,000 after purchasing an additional 50,997 shares during the period. Foundry Partners LLC bought a new position in shares of Veren during the third quarter valued at approximately $6,734,000. PCJ Investment Counsel Ltd. lifted its stake in Veren by 36.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 101,610 shares of the company’s stock worth $626,000 after acquiring an additional 26,940 shares during the period. Aigen Investment Management LP bought a new stake in Veren in the third quarter valued at $1,217,000. Finally, Entropy Technologies LP purchased a new position in Veren during the 3rd quarter valued at $1,485,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Trading Down 2.7 %

Shares of VRN stock opened at $5.20 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm’s fifty day simple moving average is $5.89. The company has a market cap of $3.20 billion, a PE ratio of 3.71 and a beta of 2.17. Veren Inc. has a 12 month low of $4.90 and a 12 month high of $9.28.

Veren Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 6.54%. This is a positive change from Veren’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, December 13th. Veren’s dividend payout ratio (DPR) is presently 24.29%.

Wall Street Analyst Weigh In

VRN has been the subject of several research analyst reports. Royal Bank of Canada dropped their target price 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. Raymond James assumed coverage on Veren in a research report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective on the stock.

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.