Entropy Technologies LP Takes Position in Veren Inc. (NYSE:VRN)

Entropy Technologies LP purchased a new position in shares of Veren Inc. (NYSE:VRN) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 241,500 shares of the company’s stock, valued at approximately $1,485,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Veren in the 2nd quarter valued at $36,000. EverSource Wealth Advisors LLC bought a new position in Veren in the second quarter valued at about $42,000. Pacifica Partners Inc. bought a new position in Veren in the second quarter valued at about $61,000. Fifth Third Bancorp acquired a new position in Veren during the second quarter worth about $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co bought a new position in shares of Veren in the third quarter worth about $79,000. 49.37% of the stock is owned by institutional investors.

Veren Price Performance

Veren stock opened at $5.16 on Wednesday. The firm has a 50 day moving average price of $6.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. Veren Inc. has a 1 year low of $4.90 and a 1 year high of $9.28. The firm has a market capitalization of $3.18 billion, a P/E ratio of 3.69 and a beta of 2.17.

Veren Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a dividend of $0.085 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.34 annualized dividend and a dividend yield of 6.59%. This is an increase from Veren’s previous quarterly dividend of $0.08. Veren’s dividend payout ratio (DPR) is presently 24.29%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on VRN shares. Raymond James started coverage on shares of Veren in a research report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 price objective for the company. Royal Bank of Canada lowered their price target on shares of Veren from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st.

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.