DGS Capital Management LLC Lowers Position in Veren Inc. (NYSE:VRN)

DGS Capital Management LLC lessened its holdings in shares of Veren Inc. (NYSE:VRN) by 30.0% in the third quarter, HoldingsChannel.com reports. The fund owned 19,095 shares of the company’s stock after selling 8,199 shares during the period. DGS Capital Management LLC’s holdings in Veren were worth $117,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. CIBC Asset Management Inc purchased a new position in Veren in the 2nd quarter worth approximately $155,853,000. Ninepoint Partners LP bought a new stake in shares of Veren during the 2nd quarter worth $125,920,000. Bank of Montreal Can purchased a new position in Veren in the second quarter worth $105,665,000. HITE Hedge Asset Management LLC bought a new position in Veren in the third quarter valued at $65,155,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Veren during the second quarter valued at about $79,409,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Price Performance

VRN stock opened at $4.86 on Friday. The firm has a market cap of $2.99 billion, a P/E ratio of 3.47 and a beta of 2.16. The firm’s fifty day moving average is $5.56 and its 200 day moving average is $6.72. Veren Inc. has a 52 week low of $4.82 and a 52 week 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.

Veren Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a dividend of $0.085 per share. This is a boost from Veren’s previous quarterly dividend of $0.08. This represents a $0.34 dividend on an annualized basis and a dividend yield of 7.00%. The ex-dividend date of this dividend is Friday, December 13th. Veren’s dividend payout ratio (DPR) is 24.29%.

Analyst Ratings Changes

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

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.