Intact Investment Management Inc. Grows Position in Veren Inc. (NYSE:VRN)

Intact Investment Management Inc. raised its position in shares of Veren Inc. (NYSE:VRN) by 46.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,458,686 shares of the company’s stock after buying an additional 1,737,840 shares during the quarter. Veren comprises 1.1% of Intact Investment Management Inc.’s portfolio, making the stock its 25th biggest holding. Intact Investment Management Inc. owned approximately 0.88% of Veren worth $33,624,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. purchased a new position in Veren during the 2nd quarter valued at approximately $36,000. EverSource Wealth Advisors LLC purchased a new position in Veren during the 2nd quarter valued at approximately $42,000. Pacifica Partners Inc. purchased a new position in Veren during the 2nd quarter valued at approximately $61,000. Fifth Third Bancorp purchased a new position in Veren during the 2nd quarter valued at approximately $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Veren during the 3rd quarter valued at approximately $79,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Veren Stock Performance

Shares of VRN stock opened at $4.97 on Monday. Veren Inc. has a 52-week low of $4.90 and a 52-week high of $9.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 3.55 and a beta of 2.17. The business’s 50 day simple moving average is $6.39.

Veren Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Sunday, December 15th will be paid a dividend of $0.085 per share. This is a positive change from Veren’s previous quarterly dividend of $0.08. This represents a $0.34 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date is Friday, December 13th. Veren’s dividend payout ratio (DPR) is currently 24.29%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on VRN shares. Scotiabank cut their price target on Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Royal Bank of Canada lowered their price objective on Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Raymond James began coverage on Veren in a research note on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price objective for the company.

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.