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

Veren Inc. (TSE:VRN) shares shot 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 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.

Wall Street Analyst Weigh In

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

Veren Stock Performance

The company has a market cap of C$5.37 billion and a PE ratio of 4.99. The company’s fifty day moving average price is C$7.53.

Veren Announces Dividend

The company also recently declared 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 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.