393,345 Shares in Veren Inc. (NYSE:VRN) Purchased by Easterly Investment Partners LLC

Market Beat
2024.08.26 04:58
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Easterly Investment Partners LLC acquired 393,345 shares of Veren Inc. (NYSE:VRN), valued at approximately $1,096,000, during Q2, according to SEC filings. Other investors have also increased stakes in the company. Veren stock is up 2.2%, trading at $1.39, with a market cap of $1.57 billion. The company recently announced a quarterly dividend of $0.0834 per share, reflecting an annual yield of 4.51%. Analysts predict earnings of $1.1 per share for the current year, while Scotiabank revised their price target, maintaining a "sector outperform" rating.

Easterly Investment Partners LLC acquired a new position in Veren Inc. (NYSE:VRN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 393,345 shares of the company's stock, valued at approximately $3,096,000. Easterly Investment Partners LLC owned 0.06% of Veren as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Veren in the 2nd quarter worth about $36,000. Pacifica Partners Inc. acquired a new stake in shares of Veren in the 2nd quarter worth about $61,000. Fifth Third Bancorp acquired a new stake in shares of Veren in the 2nd quarter worth about $85,000. Perkins Coie Trust Co acquired a new stake in shares of Veren in the 2nd quarter worth about $205,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in Veren during the 2nd quarter valued at about $234,000. Institutional investors and hedge funds own 49.37% of the company's stock.

Veren Stock Up 2.2 %

Veren stock traded up $0.16 during trading hours on Friday, hitting $7.39. 1,793,061 shares of the company traded hands, compared to its average volume of 4,329,470. The company has a market cap of $4.57 billion, a price-to-earnings ratio of -92.38 and a beta of 2.17. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36. The firm's 50-day moving average price is $7.58. Veren Inc. has a 1-year low of $6.03 and a 1-year high of $9.28.

Veren (NYSE:VRN - Get Free Report) last released its earnings results on Thursday, July 25th. The company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The firm had revenue of $852.57 million for the quarter, compared to analysts' expectations of $821.00 million. Veren had a negative net margin of 0.69% and a positive return on equity of 13.50%. On average, equities research analysts predict 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. Stockholders of record on Sunday, September 15th will be given a dividend of $0.0834 per share. This is a positive change from Veren's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.33 annualized dividend and a dividend yield of 4.51%. Veren's dividend payout ratio (DPR) is -412.50%.

Analysts Set New Price Targets

Separately, Scotiabank lowered their target price on shares of Veren from $16.00 to $15.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 12th.

Check Out Our Latest Analysis on Veren

Veren Profile

(Free Report)

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.

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