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

Shares of Veren Inc. (TSE:VRN) rose 16% during mid-day trading on Tuesday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during mid-day trading, an increase of 486% from the average daily volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

VRN has been the subject of a number of research analyst reports. CIBC reduced their target price on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares raised their target price on Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Veren currently has an average rating of “Buy” and an average target price of C$11.83.

Veren Stock Up 16.0 %

The stock has a 50 day moving average of C$7.49. The firm has a market capitalization of C$5.02 billion and a price-to-earnings ratio of 4.66.

Veren Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be paid 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.

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.