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

Shares of 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 were traded during mid-day 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

Several research analysts recently weighed in on the stock. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Royal Bank of Canada dropped their price objective on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a research report on Tuesday. ATB Capital dropped their price objective on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. National Bankshares boosted their price objective 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, Desjardins cut shares of Veren from a “buy” rating to a “tender” rating and boosted their price objective for the stock from C$11.00 to C$12.60 in a research report on Tuesday. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Stock Performance

The company’s 50-day simple moving average is C$7.53. The firm has a market cap of C$5.37 billion and a P/E ratio of 4.99.

Veren Dividend Announcement

The company also recently disclosed 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. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date 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.