Veren (TSE:VRN) Shares Up 16% – Here’s What Happened

Veren Inc. (TSE:VRN)’s share price traded up 16% on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands during mid-day trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

A number of brokerages have issued reports on VRN. National Bankshares lifted their target price on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. CIBC lowered their target price on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$11.83.

Veren Stock Performance

The firm’s 50-day moving average is C$7.49. The company has a market capitalization of C$5.02 billion and a PE ratio of 4.66.

Veren Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date of this dividend is Friday, March 14th.

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.