Intact Investment Management Inc. Acquires 1,737,840 Shares of Veren Inc. (NYSE:VRN)

Intact Investment Management Inc. increased its holdings in shares of Veren Inc. (NYSE:VRN) by 46.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 5,458,686 shares of the company’s stock after acquiring an additional 1,737,840 shares during the period. Veren comprises 1.1% of Intact Investment Management Inc.’s portfolio, making the stock its 25th biggest position. Intact Investment Management Inc.’s holdings in Veren were worth $33,624,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dixon Mitchell Investment Counsel Inc. bought a new stake in Veren during the 2nd quarter valued at $36,000. EverSource Wealth Advisors LLC bought a new stake in Veren during the 2nd quarter valued at $42,000. Pacifica Partners Inc. bought a new stake in Veren during the 2nd quarter valued at $61,000. DORCHESTER WEALTH MANAGEMENT Co bought a new stake in Veren during the 3rd quarter valued at $79,000. Finally, Fifth Third Bancorp bought a new stake in Veren during the 2nd quarter valued at $85,000. 49.37% of the stock is owned by institutional investors.

Veren Trading Down 3.7 %

Shares of NYSE:VRN opened at $4.97 on Monday. Veren Inc. has a 12-month low of $4.90 and a 12-month high of $9.28. The firm has a fifty day moving average of $6.39. The stock has a market cap of $3.06 billion, a P/E ratio of 3.55 and a beta of 2.17. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.49 and a quick ratio of 0.49.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be issued a $0.085 dividend. The ex-dividend date is Friday, December 13th. This is an increase 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%. Veren’s dividend payout ratio (DPR) is currently 24.29%.

Analyst Ratings Changes

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

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.