CIBC Asset Management Inc Cuts Position in Veren Inc. (NYSE:VRN)

CIBC Asset Management Inc cut its holdings in shares of Veren Inc. (NYSE:VRN) by 20.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 15,656,304 shares of the company’s stock after selling 4,116,696 shares during the quarter. CIBC Asset Management Inc’s holdings in Veren were worth $96,619,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in VRN. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Veren during the 2nd quarter valued at about $36,000. EverSource Wealth Advisors LLC bought a new position in shares of Veren in the second quarter worth approximately $42,000. Pacifica Partners Inc. purchased a new position in shares of Veren in the second quarter worth $61,000. Fifth Third Bancorp bought a new stake in Veren during the 2nd quarter valued at $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in Veren during the 3rd quarter valued at $79,000. 49.37% of the stock is currently owned by institutional investors.

Veren Price Performance

Shares of NYSE VRN opened at $5.30 on Friday. Veren Inc. has a 1 year low of $4.90 and a 1 year high of $9.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. The company’s 50-day simple moving average is $6.08. The stock has a market cap of $3.27 billion, a PE ratio of 3.79 and a beta of 2.17.

Veren Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Sunday, December 15th will be paid a dividend of $0.085 per share. This is a boost from Veren’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, December 13th. This represents a $0.34 dividend on an annualized basis and a yield of 6.42%. Veren’s payout ratio is presently 24.29%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on VRN shares. Royal Bank of Canada lowered their price objective on shares of 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 report on Friday, October 18th. They issued a “strong-buy” rating and a $13.00 price objective for the company.

Veren Company 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.