Veren Inc. (NYSE:VRN) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in Veren Inc. (NYSE:VRN) by 11.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,975,885 shares of the company’s stock after buying an additional 400,068 shares during the quarter. The Manufacturers Life Insurance Company owned 0.65% of Veren worth $24,505,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. purchased a new position in Veren in the second quarter worth approximately $36,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Veren during the 2nd quarter worth $42,000. Pacifica Partners Inc. acquired a new position in shares of Veren during the second quarter worth $61,000. Olympiad Research LP increased its holdings in Veren by 36.2% in the third quarter. Olympiad Research LP now owns 29,088 shares of the company’s stock valued at $179,000 after buying an additional 7,724 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new stake in Veren in the second quarter valued at $85,000. 49.37% of the stock is owned by institutional investors and hedge funds.

Veren Stock Performance

Shares of VRN stock opened at $5.30 on Friday. Veren Inc. has a 1 year low of $4.90 and a 1 year high of $9.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 3.79 and a beta of 2.17. The stock’s 50-day moving average is $5.82 and its two-hundred day moving average is $6.94.

Veren Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be paid a $0.085 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.34 dividend on an annualized basis and a yield of 6.42%. This is a boost from Veren’s previous quarterly dividend of $0.08. Veren’s payout ratio is currently 24.29%.

Analysts Set New Price Targets

VRN has been the subject of several analyst reports. Royal Bank of Canada lowered their price objective on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Raymond James assumed coverage on Veren in a report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price target for the company.

Veren 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.