Capital Management Corp VA Increases Stake in Veren Inc. (NYSE:VRN)

Capital Management Corp VA grew its position in shares of Veren Inc. (NYSE:VRN - Free Report) by 92.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,124,775 shares of the company's stock after buying an additional 1,498,544 shares during the period. Veren accounts for 3.4% of Capital Management Corp VA's investment portfolio, making the stock its 9th largest position. Capital Management Corp VA owned about 0.51% of Veren worth $19,217,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc purchased a new position in shares of Veren during the 2nd quarter valued at $155,853,000. Ninepoint Partners LP purchased a new position in shares of Veren during the 2nd quarter valued at $125,920,000. Bank of Montreal Can purchased a new position in shares of Veren during the 2nd quarter valued at $105,665,000. Dimensional Fund Advisors LP purchased a new position in shares of Veren during the 2nd quarter valued at $79,409,000. Finally, Millennium Management LLC purchased a new position in shares of Veren during the 2nd quarter valued at $74,306,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Veren Price Performance

NYSE VRN traded up $0.17 during trading on Tuesday, reaching $5.30. The company's stock had a trading volume of 8,760,560 shares, compared to its average volume of 4,600,498. The company has a market capitalization of $3.27 billion, a PE ratio of 3.79 and a beta of 2.17. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a fifty day moving average of $6.34. Veren Inc. has a one year low of $4.90 and a one year high of $9.28.

Veren Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be given a dividend of $0.085 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Veren's previous quarterly dividend of $0.08. This represents a $0.34 annualized dividend and a dividend yield of 6.42%. Veren's dividend payout ratio is 24.29%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James assumed coverage on Veren in a research note on Friday, October 18th. They set a "strong-buy" rating and a $13.00 price objective on the stock. Scotiabank decreased their price objective 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. Finally, Royal Bank of Canada decreased their price objective on Veren from $12.00 to $10.00 and set an "outperform" rating on the stock in a research note on Friday.

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.