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

Shares of Veren Inc. (TSE:VRN) were up 16% on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during mid-day trading, an increase of 486% from the average daily volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

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

Veren Stock Up 3.7 %

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

Veren Announces Dividend

The business 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 dividend of $0.115 per share. This represents a $0.46 annualized dividend and a 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.