3,575,817 Shares in Veren Inc. (NYSE:VRN) Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new stake in shares of Veren Inc. (NYSE:VRN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,575,817 shares of the company's stock, valued at approximately $28,162,000. The Manufacturers Life Insurance Company owned approximately 0.58% of Veren at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Veren in the 2nd quarter worth approximately $36,000. EverSource Wealth Advisors LLC bought a new stake in shares of Veren during the 2nd quarter worth approximately $42,000. Pacifica Partners Inc. bought a new stake in shares of Veren during the 2nd quarter worth approximately $61,000. Fifth Third Bancorp bought a new stake in shares of Veren during the 2nd quarter worth approximately $85,000. Finally, Brighton Jones LLC bought a new stake in shares of Veren during the 2nd quarter worth approximately $108,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Analyst Ratings Changes

Separately, Scotiabank decreased 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 Stock Performance

NYSE VRN traded up $0.28 on Tuesday, reaching $6.44. 8,454,342 shares of the stock traded hands, compared to its average volume of 4,351,366. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36. The stock's fifty day simple moving average is $6.91. The company has a market cap of $3.98 billion, a P/E ratio of -80.75 and a beta of 2.16. Veren Inc. has a 12 month low of $6.03 and a 12 month high of $9.28.

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

Veren Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, September 13th. This is an increase from Veren's previous quarterly dividend of $0.08. This represents a $0.33 dividend on an annualized basis and a dividend yield of 5.18%. Veren's dividend payout ratio (DPR) is currently -412.50%.

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.