HITE Hedge Asset Management LLC Acquires Shares of 10,579,297 Veren Inc. (NYSE:VRN)

HITE Hedge Asset Management LLC bought a new stake in shares of Veren Inc. (NYSE:VRN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,579,297 shares of the company’s stock, valued at approximately $65,155,000. Veren makes up approximately 7.5% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its largest position. HITE Hedge Asset Management LLC owned about 1.72% of Veren as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Dixon Mitchell Investment Counsel Inc. purchased a new position in Veren during the 2nd quarter worth approximately $36,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Veren in the second quarter worth approximately $42,000. Pacifica Partners Inc. acquired a new stake in Veren during the 2nd quarter worth $61,000. Fifth Third Bancorp purchased a new position in Veren in the 2nd quarter worth approximately $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new position in shares of Veren during the 3rd quarter valued at about $79,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Trading Down 1.5 %

NYSE VRN opened at $5.22 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. Veren Inc. has a 52-week low of $4.90 and a 52-week high of $9.28. The stock has a market capitalization of $3.21 billion, a P/E ratio of 3.73 and a beta of 2.16. The firm has a 50-day moving average price of $5.80 and a 200 day moving average price of $6.91.

Veren Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be given a dividend of $0.085 per share. This is a positive change from Veren’s previous quarterly dividend of $0.08. This represents a $0.34 annualized dividend and a dividend yield of 6.51%. The ex-dividend date of this dividend is Friday, December 13th. Veren’s payout ratio is presently 24.29%.

Analyst Upgrades and Downgrades

A number of research firms have commented on VRN. Raymond James started coverage on Veren in a research report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 target price on the stock. Royal Bank of Canada dropped their target price on shares of Veren from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st.

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.