Veren Inc. (NYSE:VRN) Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP grew its position in Veren Inc. (NYSE:VRN) by 75.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,539,359 shares of the company’s stock after acquiring an additional 662,628 shares during the quarter. Invenomic Capital Management LP owned approximately 0.25% of Veren worth $9,467,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Intact Investment Management Inc. grew its position in shares of Veren by 46.7% in the third quarter. Intact Investment Management Inc. now owns 5,458,686 shares of the company’s stock valued at $33,624,000 after purchasing an additional 1,737,840 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Veren during the 2nd quarter worth approximately $28,162,000. Lorne Steinberg Wealth Management Inc. bought a new position in Veren in the 2nd quarter valued at about $624,000. DRW Securities LLC bought a new stake in Veren during the third quarter worth about $1,414,000. Finally, Ninepoint Partners LP bought a new position in Veren in the second quarter valued at about $125,920,000. 49.37% of the stock is owned by institutional investors.

Veren Trading Down 1.5 %

Shares of VRN stock opened at $5.22 on Tuesday. Veren Inc. has a twelve month low of $4.90 and a twelve month high of $9.28. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 3.73 and a beta of 2.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $5.80 and a 200 day moving average price of $6.91.

Veren Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Sunday, December 15th will be issued a $0.085 dividend. This is an increase from Veren’s previous quarterly dividend of $0.08. This represents a $0.34 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date is Friday, December 13th. Veren’s payout ratio is presently 24.29%.

Analyst Ratings Changes

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

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.