12,800 Shares in Veren Inc. (NYSE:VRN) Acquired by DORCHESTER WEALTH MANAGEMENT Co

DORCHESTER WEALTH MANAGEMENT Co bought a new stake 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. The fund bought 12,800 shares of the company’s stock, valued at approximately $79,000.

Other institutional investors have also recently made changes to their positions in the company. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Veren during the 2nd quarter valued at $36,000. EverSource Wealth Advisors LLC bought a new stake in shares of Veren during the second quarter valued at about $42,000. Pacifica Partners Inc. purchased a new stake in shares of Veren in the second quarter worth about $61,000. Fifth Third Bancorp bought a new position in shares of Veren in the second quarter valued at approximately $85,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new position in Veren during the second quarter valued at approximately $103,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Trading Down 0.7 %

Shares of NYSE VRN traded down $0.04 during midday trading on Thursday, hitting $5.99. 914,307 shares of the company’s stock were exchanged, compared to its average volume of 4,402,457. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average price of $6.60. The stock has a market capitalization of $3.71 billion, a P/E ratio of -75.38 and a beta of 2.14. Veren Inc. has a 12-month low of $5.95 and a 12-month high of $9.28.

Veren (NYSE:VRN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, hitting analysts’ consensus estimates of $0.28. The firm had revenue of $852.57 million for the quarter, compared to analyst estimates of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. Equities analysts expect that Veren Inc. will post 0.99 earnings per share for the current fiscal year.

Veren Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Sunday, September 15th were paid a $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 5.57%. The ex-dividend date was Friday, September 13th. This is a boost from Veren’s previous quarterly dividend of $0.08. Veren’s dividend payout ratio is currently -412.50%.

Analyst Upgrades and Downgrades

Several research analysts have commented on VRN shares. Scotiabank cut their price target on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Raymond James began coverage on Veren in a research report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price objective on the stock.

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.