Veren (TSE:VRN) Trading Up 16% – Here’s What Happened

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

Analyst Ratings Changes

Several brokerages recently issued reports on VRN. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. ATB Capital dropped their price target on Veren from C$11.00 to C$9.50 in a research report 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. Royal Bank of Canada dropped their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Desjardins downgraded Veren from a “buy” rating to a “tender” rating and raised their price target for the stock from C$11.00 to C$12.60 in a 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Up 3.7 %

The company has a 50-day moving average of C$7.53. The stock has a market capitalization of C$5.37 billion and a price-to-earnings ratio of 4.99.

Veren Announces Dividend

The firm also recently declared 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 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.