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

Veren Inc. (TSE:VRN) traded up 16% on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares traded hands during trading, an increase of 486% from the average session 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 analyst reports. CIBC reduced their price target on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and increased their target price for the stock from C$11.00 to C$12.60 in a report on Tuesday. ATB Capital lowered their price target on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. National Bankshares upped their price target on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Royal Bank of Canada decreased their price objective on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock 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.com, the stock currently has a consensus rating of “Buy” and an average price target of C$11.74.

Veren Stock Up 3.7 %

The stock’s fifty day simple moving average is C$7.53. The company has a market cap of C$5.37 billion and a P/E ratio of 4.99.

Veren Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, March 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%.

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.