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

Veren Inc. (TSE:VRN) rose 16% on Tuesday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares traded 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.

Analysts Set New Price Targets

Several analysts have issued reports on the company. CIBC dropped their price objective on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares raised their price target on Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$11.83.

Veren Stock Up 16.0 %

The business’s 50 day simple moving average is C$7.49. The stock has a market cap of C$5.02 billion and a price-to-earnings ratio of 4.66.

Veren Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be paid a $0.115 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend 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.