DRW Securities LLC Makes New Investment in Veren Inc. (NYSE:VRN)

DRW Securities LLC acquired a new position in shares of Veren Inc. (NYSE:VRN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 230,000 shares of the company’s stock, valued at approximately $1,414,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. acquired a new position in Veren during the second quarter worth $36,000. EverSource Wealth Advisors LLC acquired a new position in Veren during the second quarter worth $42,000. Pacifica Partners Inc. acquired a new position in Veren during the second quarter worth $61,000. Fifth Third Bancorp acquired a new position in Veren during the second quarter worth $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new position in Veren during the third quarter worth $79,000. Institutional investors and hedge funds own 49.37% of the company’s stock.

Veren Price Performance

VRN stock opened at $5.34 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 3.81 and a beta of 2.17. The firm has a 50-day moving average of $5.92. Veren Inc. has a 1 year low of $4.90 and a 1 year high of $9.28.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be given a $0.085 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.34 dividend on an annualized basis and a yield of 6.37%. This is a positive change from Veren’s previous quarterly dividend of $0.08. Veren’s dividend payout ratio (DPR) is currently 24.29%.

Wall Street Analyst Weigh In

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