Principal Financial Group Inc. Buys 653,300 Shares of Veren Inc. (NYSE:VRN)

Principal Financial Group Inc. raised its stake in Veren Inc. (NYSE:VRN) by 19.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,038,140 shares of the company’s stock after buying an additional 653,300 shares during the period. Principal Financial Group Inc. owned 0.66% of Veren worth $24,899,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VRN. Dixon Mitchell Investment Counsel Inc. bought a new position in Veren during the 2nd quarter worth $36,000. EverSource Wealth Advisors LLC bought a new stake in shares of Veren in the 2nd quarter valued at $42,000. Pacifica Partners Inc. acquired a new position in Veren in the second quarter valued at $61,000. Fifth Third Bancorp bought a new position in shares of Veren in the 2nd quarter worth about $85,000. Finally, DORCHESTER WEALTH MANAGEMENT Co bought a new stake in shares of Veren during the 3rd quarter valued at about $79,000. Institutional investors own 49.37% of the company’s stock.

Veren Stock Performance

VRN stock opened at $5.16 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50-day moving average is $6.14. The firm has a market cap of $3.18 billion, a P/E ratio of 3.72 and a beta of 2.17. Veren Inc. has a 52-week low of $4.90 and a 52-week high of $9.28.

Veren Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be paid a $0.085 dividend. This is a positive change from Veren’s previous quarterly dividend of $0.08. 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%. Veren’s dividend payout ratio is presently 24.29%.

Wall Street Analysts Forecast Growth

VRN has been the topic of a number of research reports. Raymond James began coverage on shares of Veren in a research report on Friday, October 18th. They set a “strong-buy” rating and a $13.00 target price on the stock. Royal Bank of Canada reduced 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.

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.