Ninepoint Partners LP Buys Shares of 16,000,000 Veren Inc. (NYSE:VRN)

Ninepoint Partners LP bought a new stake in Veren Inc. (NYSE:VRN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 16,000,000 shares of the company's stock, valued at approximately $125,920,000. Veren accounts for about 12.0% of Ninepoint Partners LP's investment portfolio, making the stock its 3rd biggest position. Ninepoint Partners LP owned approximately 2.59% of Veren at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc purchased a new stake in shares of Veren in the second quarter valued at about $155,853,000. Bank of Montreal Can acquired a new position in Veren in the 2nd quarter valued at about $105,665,000. Dimensional Fund Advisors LP purchased a new stake in Veren during the 2nd quarter valued at approximately $79,409,000. Millennium Management LLC acquired a new stake in Veren during the 2nd quarter worth approximately $74,306,000. Finally, Encompass Capital Advisors LLC acquired a new stake in Veren during the 2nd quarter worth approximately $40,900,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Veren Stock Performance

Veren stock traded up $0.08 during trading hours on Friday, reaching $6.15. 5,800,917 shares of the stock were exchanged, compared to its average volume of 4,332,265. Veren Inc. has a 52-week low of $6.03 and a 52-week high of $9.28. The stock has a market capitalization of $3.80 billion, a PE ratio of -76.88 and a beta of 2.16. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.49 and a current ratio of 0.49. The company's 50 day moving average price is $6.95.

Veren (NYSE:VRN - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.28. The firm had revenue of $852.57 million during 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%. Equities research analysts expect that Veren Inc. will post 1 EPS for the current fiscal year.

Veren Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Sunday, September 15th will be paid a $0.0834 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Veren's previous quarterly dividend of $0.08. This represents a $0.33 annualized dividend and a dividend yield of 5.42%. Veren's dividend payout ratio is -412.50%.

Wall Street Analysts Forecast Growth

Separately, Scotiabank cut their price target on Veren from $16.00 to $15.00 and set a "sector outperform" rating for the company in a research note 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.