Veren Inc. (NYSE:VRN) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its stake in shares of Veren Inc. (NYSE:VRN) by 2.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 25,670,234 shares of the company’s stock after selling 596,269 shares during the period. Franklin Resources Inc.’s holdings in Veren were worth $168,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Veren Trading Down 1.0 %

Shares of Veren stock opened at $4.86 on Friday. The company has a 50-day moving average of $5.56 and a two-hundred day moving average of $6.72. Veren Inc. has a 12-month low of $4.82 and a 12-month high of $9.28. 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 stock has a market cap of $2.99 billion, a PE ratio of 3.47 and a beta of 2.16.

Veren Increases Dividend

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

Analyst Ratings Changes

VRN has been the subject of a number of analyst reports. 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. Raymond James began coverage on Veren in a research report 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.