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

Shares of Veren Inc. (TSE:VRN) were up 16% during mid-day trading on Tuesday . The stock 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 Ratings Changes

A number of brokerages have commented on VRN. Royal Bank of Canada dropped 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 note on Tuesday. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and lifted their target price for the stock from C$11.00 to C$12.60 in a research report on Tuesday. ATB Capital lowered their price target on Veren from C$11.00 to C$9.50 in a report on Tuesday. CIBC dropped their target price on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Finally, National Bankshares boosted 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. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Up 3.7 %

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

Veren Announces Dividend

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. The ex-dividend date is Friday, March 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%.

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.