Veren (TSE:VRN) Trading Up 16% – Here’s Why

Veren Inc. (TSE:VRN) was up 16% on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 24,565,728 shares changed hands during mid-day trading, an increase of 439% from the average daily volume of 4,557,683 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. National Bankshares lifted their target price on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada dropped their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a report on Tuesday. CIBC cut their target price on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Desjardins lowered Veren from a “buy” rating to a “tender” rating and boosted their target price for the stock from C$11.00 to C$12.60 in a research report on Tuesday. Finally, ATB Capital cut their price target on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$11.74.

Veren Price Performance

The firm’s 50-day moving average is C$7.53. The firm has a market cap of C$5.37 billion and a price-to-earnings ratio of 4.99.

Veren Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 5.25%. 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.