Merewether Investment Management LP Makes New Investment in Veren Inc. (NYSE:VRN)

Merewether Investment Management LP purchased a new stake in Veren Inc. (NYSE:VRN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,660,914 shares of the company's stock, valued at approximately $36,681,000. Veren accounts for about 1.8% of Merewether Investment Management LP's investment portfolio, making the stock its 19th biggest holding. Merewether Investment Management LP owned about 0.75% of Veren at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacifica Partners Inc. purchased a new stake in shares of Veren in the second quarter worth approximately $61,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Veren in the 2nd quarter valued at $36,000. SG Americas Securities LLC bought a new position in Veren during the 2nd quarter valued at $293,000. Perkins Coie Trust Co purchased a new position in Veren during the 2nd quarter worth $205,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of Veren in the 2nd quarter worth $234,000. Institutional investors own 49.37% of the company's stock.

Veren Trading Down 2.6 %

Shares of VRN traded down $0.17 on Wednesday, reaching $6.33. 5,055,729 shares of the company's stock traded hands, compared to its average volume of 4,317,597. The business has a 50 day moving average price of $7.02. 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 Inc. has a 52-week low of $6.03 and a 52-week high of $9.28. The firm has a market capitalization of $3.92 billion, a PE ratio of -79.13 and a beta of 2.16.

Veren (NYSE:VRN - Get Free Report) last announced its earnings results on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.28. The firm had revenue of $852.57 million during the quarter, compared to analyst estimates of $821.00 million. Veren had a positive return on equity of 13.50% and a negative net margin of 0.69%. Analysts forecast that Veren Inc. will post 1 earnings per share for the current year.

Veren Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Sunday, September 15th will be paid a $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 5.27%. 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%.

Analyst Ratings Changes

Separately, Scotiabank reduced their price objective on shares of Veren from $16.00 to $15.00 and set a "sector outperform" rating for the company in a research report on Friday, July 12th.

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.