Perkins Coie Trust Co Trims Position in Veren Inc. (NYSE:VRN)

Perkins Coie Trust Co trimmed its position in shares of Veren Inc. (NYSE:VRN) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,000 shares of the company’s stock after selling 2,000 shares during the period. Perkins Coie Trust Co’s holdings in Veren were worth $148,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in VRN. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Veren during the second quarter worth about $36,000. EverSource Wealth Advisors LLC bought a new stake in Veren during the second quarter worth approximately $42,000. Pacifica Partners Inc. bought a new stake in Veren during the second quarter worth approximately $61,000. Fifth Third Bancorp bought a new stake in Veren during the second quarter worth approximately $85,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new position in shares of Veren in the second quarter valued at $103,000. 49.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Veren Stock Performance

Shares of VRN traded down $0.12 during trading hours on Wednesday, reaching $6.43. 388,932 shares of the company traded hands, compared to its average volume of 4,369,664. The firm has a fifty day moving average of $6.81. The firm has a market cap of $3.98 billion, a PE ratio of -81.88 and a beta of 2.14. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.36. Veren Inc. has a 1-year low of $6.03 and a 1-year high of $9.28.

Veren (NYSE:VRN) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.28. Veren had a positive return on equity of 13.50% and a negative net margin of 0.69%. The business had revenue of $852.57 million for the quarter, compared to analyst estimates of $821.00 million. On average, equities research analysts predict that Veren Inc. will post 1 EPS for the current year.

Veren Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Sunday, September 15th were paid a $0.0834 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 5.19%. This is an increase from Veren’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, September 13th. Veren’s dividend payout ratio (DPR) is currently -412.50%.

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.