79,175 Shares in Veren Inc. (NYSE:VRN) Acquired by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. bought a new position in shares of Veren Inc. (NYSE:VRN) during the second quarter, HoldingsChannel.com reports. The firm bought 79,175 shares of the company’s stock, valued at approximately $624,000.

A number of other hedge funds also recently added to or reduced their stakes in VRN. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Veren during the 2nd quarter worth approximately $36,000. Pacifica Partners Inc. purchased a new stake in shares of Veren during the 2nd quarter worth $61,000. Perkins Coie Trust Co purchased a new stake in shares of Veren during the 2nd quarter worth $205,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Veren during the 2nd quarter worth $234,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Veren during the 2nd quarter worth $293,000. 49.37% of the stock is currently owned by institutional investors and hedge funds.

Veren Price Performance

Shares of Veren stock traded down $0.02 during trading on Friday, hitting $7.35. 1,977,870 shares of the stock were exchanged, compared to its average volume of 4,405,188. The company has a market cap of $4.55 billion, a PE ratio of -92.13 and a beta of 2.17. The business’s 50-day simple moving average is $7.63. Veren Inc. has a 12-month low of $6.03 and a 12-month high of $9.28. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36.

Veren (NYSE:VRN) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.28 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.28. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. The firm had revenue of $852.57 million during the quarter, compared to analysts’ expectations of $821.00 million. As a group, research analysts forecast that Veren Inc. will post 1.1 earnings per share for the current year.

Veren Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Sunday, September 15th will be paid a $0.0834 dividend. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Veren’s previous quarterly dividend of $0.08. This represents a $0.33 dividend on an annualized basis and a yield of 4.54%. Veren’s payout ratio is currently -412.50%.

Analyst Ratings Changes

Separately, Scotiabank decreased their price objective on shares of Veren from $16.00 to $15.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th.

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.