CIBC Asset Management Inc lessened its stake in Veren Inc. (NYSE:VRN - Free Report) by 20.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,656,304 shares of the company's stock after selling 4,116,696 shares during the period. CIBC Asset Management Inc owned about 2.54% of Veren worth $96,619,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Veren during the 2nd quarter valued at about $36,000. EverSource Wealth Advisors LLC acquired a new stake in Veren in the 2nd quarter valued at $42,000. Pacifica Partners Inc. acquired a new position in Veren during the second quarter worth $61,000. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in shares of Veren in the third quarter valued at about $79,000. Finally, Fifth Third Bancorp acquired a new position in shares of Veren during the 2nd quarter worth about $85,000. Institutional investors and hedge funds own 49.37% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Royal Bank of Canada reduced their price objective on Veren from $12.00 to $10.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Raymond James began coverage on Veren in a report on Friday, October 18th. They set a "strong-buy" rating and a $13.00 price target on the stock.
View Our Latest Stock Analysis on Veren
Veren Stock Down 1.7 %
Veren stock traded down $0.09 during mid-day trading on Friday, reaching $5.21. 4,015,868 shares of the company's stock were exchanged, compared to its average volume of 4,686,714. The stock's fifty day simple moving average is $6.05. The firm has a market capitalization of $3.21 billion, a P/E ratio of 3.74 and a beta of 2.17. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Veren Inc. has a twelve month low of $4.90 and a twelve month high of $9.28.
Veren Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be paid a $0.085 dividend. This represents a $0.34 annualized dividend and a yield of 6.53%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Veren's previous quarterly dividend of $0.08. Veren's dividend payout ratio is currently 24.29%.
Veren Company Profile
(
Free Report)
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.
Featured Stories
Before you consider Veren, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Veren wasn't on the list.
While Veren currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Keep reading to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
