Veren (TSE:VRN) Trading Up 16% – What’s Next?

Veren Inc. (TSE:VRN)’s share price traded up 16% during mid-day trading on Tuesday . The company traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VRN. Royal Bank of Canada lowered 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. National Bankshares raised their price target on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. CIBC dropped their price objective on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Desjardins lowered 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 research note on Tuesday. Finally, ATB Capital dropped their target price on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Six investment 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 company has an average rating of “Buy” and an average target price of C$11.74.

Veren Trading Up 3.7 %

The company has a market cap of C$5.37 billion and a price-to-earnings ratio of 4.99. The company’s 50 day moving average price is C$7.53.

Veren Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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.

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.