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

Veren Inc. (TSE:VRN) was up 16% during trading on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares traded 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

Several research analysts have recently commented on VRN shares. 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. National Bankshares raised their price objective on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of C$11.83.

Veren Stock Performance

The business has a 50 day moving average of C$7.49. The stock has a market cap of C$5.02 billion and a P/E ratio of 4.66.

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 $0.115 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 dividend on an annualized basis and a yield of 5.62%.

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.