10,579,297 Shares in Veren Inc. (NYSE:VRN) Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC bought a new position in Veren Inc. (NYSE:VRN - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,579,297 shares of the company's stock, valued at approximately $65,155,000. Veren comprises 7.5% of HITE Hedge Asset Management LLC's portfolio, making the stock its biggest position. HITE Hedge Asset Management LLC owned 1.72% of Veren at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in VRN. HighTower Advisors LLC grew its position in Veren by 139.4% in the 3rd quarter. HighTower Advisors LLC now owns 111,112 shares of the company's stock valued at $685,000 after acquiring an additional 64,707 shares during the last quarter. PDT Partners LLC lifted its holdings in Veren by 129.6% during the 3rd quarter. PDT Partners LLC now owns 795,255 shares of the company's stock valued at $4,891,000 after buying an additional 448,826 shares in the last quarter. Bridgewater Associates LP purchased a new stake in Veren in the 3rd quarter valued at about $125,000. Quantbot Technologies LP grew its stake in Veren by 266.4% in the 3rd quarter. Quantbot Technologies LP now owns 277,007 shares of the company's stock worth $1,704,000 after acquiring an additional 201,413 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Veren by 11.2% during the third quarter. The Manufacturers Life Insurance Company now owns 3,975,885 shares of the company's stock worth $24,505,000 after acquiring an additional 400,068 shares during the period. 49.37% of the stock is owned by hedge funds and other institutional investors.

Veren Stock Up 0.2 %

Veren stock traded up $0.01 during midday trading on Tuesday, reaching $5.23. The company's stock had a trading volume of 3,951,024 shares, compared to its average volume of 6,047,537. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $3.22 billion, a P/E ratio of 3.74 and a beta of 2.16. The stock's 50-day simple moving average is $5.80 and its 200-day simple moving average is $6.91. Veren Inc. has a 52-week low of $4.90 and a 52-week high of $9.28.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be paid a dividend of $0.085 per share. This is a positive change from Veren's previous quarterly dividend of $0.08. The ex-dividend date is Friday, December 13th. This represents a $0.34 dividend on an annualized basis and a yield of 6.50%. Veren's dividend payout ratio is presently 24.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on VRN shares. Raymond James initiated coverage on shares of Veren in a research report on Friday, October 18th. They issued a "strong-buy" rating and a $13.00 price target for the company. Royal Bank of Canada decreased their price target 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.

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.