Seven Eight Capital LP Acquires Shares of 158,633 Veren Inc. (NYSE:VRN)

Seven Eight Capital LP purchased a new position in Veren Inc. (NYSE:VRN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 158,633 shares of the company's stock, valued at approximately $1,248,000.

Other institutional investors also recently added to or reduced their stakes in the company. CIBC Asset Management Inc acquired a new stake in Veren during the second quarter worth approximately $155,853,000. Dimensional Fund Advisors LP acquired a new stake in Veren during the second quarter worth approximately $79,409,000. American Century Companies Inc. acquired a new stake in Veren during the second quarter worth approximately $32,076,000. TD Asset Management Inc acquired a new stake in Veren during the second quarter worth approximately $30,556,000. Finally, Intact Investment Management Inc. acquired a new stake in Veren during the second quarter worth approximately $29,344,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Veren Trading Down 0.8 %

Shares of Veren stock traded down $0.05 during trading on Friday, reaching $6.43. The company's stock had a trading volume of 4,538,889 shares, compared to its average volume of 4,308,920. The stock has a 50-day moving average price of $7.11. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of -80.38 and a beta of 2.16. Veren Inc. has a fifty-two week low of $6.03 and a fifty-two week high of $9.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49.

Veren (NYSE:VRN - Get Free Report) last announced its earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, meeting analysts' consensus estimates of $0.28. The business had revenue of $852.57 million for the quarter, compared to analysts' expectations of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. On average, analysts predict that Veren Inc. will post 1.06 earnings per share for the current fiscal year.

Veren Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Sunday, September 15th will be issued a $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a dividend yield of 5.19%. This is a boost from Veren's previous quarterly dividend of $0.08. The ex-dividend date is Friday, September 13th. Veren's payout ratio is presently -412.50%.

Wall Street Analyst Weigh In

Separately, Scotiabank cut their target price on shares of Veren from $16.00 to $15.00 and set a "sector outperform" rating on the stock in a report on Friday, July 12th.

About Veren

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.