Veren Inc. (NYSE:VRN) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in shares of Veren Inc. (NYSE:VRN - Free Report) by 19.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,038,140 shares of the company's stock after purchasing an additional 653,300 shares during the period. Principal Financial Group Inc. owned approximately 0.66% of Veren worth $24,899,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intact Investment Management Inc. lifted its stake in Veren by 46.7% in the 3rd quarter. Intact Investment Management Inc. now owns 5,458,686 shares of the company's stock worth $33,624,000 after purchasing an additional 1,737,840 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Veren in the 2nd quarter valued at approximately $28,162,000. Lorne Steinberg Wealth Management Inc. purchased a new position in shares of Veren in the 2nd quarter worth approximately $624,000. Ninepoint Partners LP bought a new position in shares of Veren during the 2nd quarter valued at approximately $125,920,000. Finally, Merewether Investment Management LP purchased a new stake in Veren during the 2nd quarter valued at $36,681,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VRN. Royal Bank of Canada cut their price objective on shares of Veren from $12.00 to $10.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. Raymond James initiated coverage on Veren in a report on Friday, October 18th. They issued a "strong-buy" rating and a $13.00 target price for the company.

Veren Stock Up 0.2 %

Shares of VRN traded up $0.01 during trading hours on Wednesday, reaching $5.16. 5,346,089 shares of the company traded hands, compared to its average volume of 4,668,338. The company has a market capitalization of $3.18 billion, a PE ratio of 3.68 and a beta of 2.17. Veren Inc. has a 12-month low of $4.90 and a 12-month high of $9.28. The stock has a fifty day simple moving average of $6.14. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Sunday, December 15th will be given a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 6.59%. The ex-dividend date is Friday, December 13th. This is an increase from Veren's previous quarterly dividend of $0.08. Veren's dividend payout ratio is 24.29%.

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.