Principal Financial Group Inc. Raises Stake in Veren Inc. (NYSE:VRN)

Principal Financial Group Inc. raised its holdings in shares of Veren Inc. (NYSE:VRN - Free Report) by 19.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,038,140 shares of the company's stock after acquiring an additional 653,300 shares during the period. Principal Financial Group Inc. owned about 0.66% of Veren worth $24,899,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in VRN. EverSource Wealth Advisors LLC bought a new stake in Veren in the second quarter valued at approximately $42,000. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in Veren during the 3rd quarter valued at $79,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in Veren during the 2nd quarter valued at $103,000. Blue Trust Inc. bought a new stake in Veren in the 3rd quarter worth $104,000. Finally, Brighton Jones LLC bought a new stake in Veren in the 2nd quarter worth $108,000. Hedge funds and other institutional investors own 49.37% of the company's stock.

Veren Trading Down 0.4 %

VRN stock traded down $0.02 during trading on Thursday, reaching $4.91. The company had a trading volume of 4,669,828 shares, compared to its average volume of 5,026,751. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. Veren Inc. has a 52 week low of $4.39 and a 52 week high of $9.28. The business has a 50 day moving average of $5.29 and a 200 day moving average of $6.51. The company has a market cap of $3.02 billion, a P/E ratio of 3.51 and a beta of 2.16.

Veren Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 6.92%. The ex-dividend date is Friday, December 13th. This is a boost from Veren's previous quarterly dividend of $0.08. Veren's dividend payout ratio (DPR) is presently 24.29%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Raymond James began coverage on Veren in a report on Friday, October 18th. They set a "strong-buy" rating and a $13.00 price target on the stock. Royal Bank of Canada reduced their target price on Veren from $12.00 to $10.00 and set an "outperform" rating on the stock in a research note on Friday, November 1st.

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.