Envestnet Asset Management Inc. Invests $2.49 Million in Veren Inc. (NYSE:VRN)

Envestnet Asset Management Inc. purchased a new position in shares of Veren Inc. (NYSE:VRN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 316,494 shares of the company's stock, valued at approximately $2,491,000. Envestnet Asset Management Inc. owned about 0.05% of Veren at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VRN. BOKF NA purchased a new stake in shares of Veren during the 2nd quarter worth approximately $215,000. American Century Companies Inc. purchased a new stake in Veren in the second quarter valued at $32,076,000. SIR Capital Management L.P. acquired a new position in Veren in the second quarter valued at $7,260,000. National Bank of Canada FI purchased a new position in shares of Veren during the second quarter worth about $8,896,000. Finally, TD Asset Management Inc acquired a new stake in shares of Veren during the second quarter worth about $30,556,000. 49.37% of the stock is owned by institutional investors and hedge funds.

Veren Price Performance

Shares of VRN traded up $0.04 during mid-day trading on Friday, reaching $6.62. 4,822,425 shares of the company's stock were exchanged, compared to its average volume of 4,368,871. The stock's fifty day simple moving average is $6.83. Veren Inc. has a 52-week low of $6.03 and a 52-week high of $9.28. The stock has a market cap of $4.10 billion, a PE ratio of -82.75 and a beta of 2.14. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.36.

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

Veren Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Sunday, September 15th were paid a dividend of $0.0834 per share. The ex-dividend date of this dividend was 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 yield of 5.04%. Veren's dividend payout ratio is currently -412.50%.

Wall Street Analyst Weigh In

Separately, Scotiabank dropped their price target on Veren from $16.00 to $15.00 and set a "sector outperform" rating on the stock 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.