Veren (TSE:VRN) Trading Up 13.9% – Here’s What Happened

Shares of Veren Inc. (TSE:VRN) rose 13.9% during trading on Monday . The company traded as high as C$8.36 and last traded at C$8.04. Approximately 5,251,652 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 4,116,081 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

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

Veren Stock Performance

The stock has a market capitalization of C$5.18 billion and a price-to-earnings ratio of 4.81. The business’s fifty day moving average is C$7.51.

Veren Dividend Announcement

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 paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.44%. 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.