Franklin Resources Inc. Reduces Stock Position in Veren Inc. (NYSE:VRN)

Franklin Resources Inc. trimmed its holdings in shares of Veren Inc. (NYSE:VRN) by 2.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,670,234 shares of the company’s stock after selling 596,269 shares during the period. Franklin Resources Inc. owned 4.17% of Veren worth $168,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of VRN. EverSource Wealth Advisors LLC acquired a new stake in shares of Veren during the 2nd quarter worth about $42,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Veren in the third quarter valued at approximately $79,000. Fifth Third Bancorp acquired a new stake in Veren during the second quarter worth approximately $85,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Veren during the 2nd quarter worth approximately $103,000. Finally, Blue Trust Inc. purchased a new stake in shares of Veren during the 3rd quarter worth approximately $104,000. 49.37% of the stock is owned by hedge funds and other institutional investors.

Veren Price Performance

VRN stock opened at $4.86 on Friday. 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 company has a market capitalization of $2.99 billion, a P/E ratio of 3.47 and a beta of 2.16. The business has a 50 day simple moving average of $5.56 and a 200-day simple moving average of $6.72. Veren Inc. has a twelve month low of $4.82 and a twelve month high of $9.28.

Veren Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Royal Bank of Canada dropped their target price on shares of Veren from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Raymond James initiated coverage on Veren in a report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective on the stock.

Veren Company 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.