Millennium Management LLC Takes $74.31 Million Position in Veren Inc. (NYSE:VRN)

Millennium Management LLC acquired a new stake in shares of Veren Inc. (NYSE:VRN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,427,102 shares of the company's stock, valued at approximately $74,306,000. Millennium Management LLC owned approximately 1.52% of Veren as of its most recent SEC filing.

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

Veren Stock Performance

Shares of NYSE VRN traded up $0.01 during midday trading on Monday, reaching $6.16. The stock had a trading volume of 3,598,852 shares, compared to its average volume of 4,328,367. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49. Veren Inc. has a 12-month low of $6.03 and a 12-month high of $9.28. The business's 50-day simple moving average is $6.95. The company has a market cap of $3.81 billion, a P/E ratio of -76.75 and a beta of 2.16.

Veren (NYSE:VRN - Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, hitting the consensus estimate 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%. As a group, analysts forecast that Veren Inc. will post 1 EPS for the current fiscal year.

Veren Increases Dividend

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

Wall Street Analyst Weigh In

Separately, Scotiabank cut their price objective 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.