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

Veren Inc. (TSE:VRN)’s stock price was up 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 trading, an increase of 486% from the average daily volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VRN. National Bankshares raised their target price on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. CIBC cut their target price on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of C$11.83.

Veren Price Performance

The stock has a fifty day moving average price of C$7.49. The company has a market cap of C$5.02 billion and a price-to-earnings ratio of 4.66.

Veren Dividend Announcement

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

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.