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

Veren Inc. (TSE:VRN)’s stock price rose 16% during mid-day trading on Monday . The company 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.

Wall Street Analyst Weigh In

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

Veren Trading Up 3.7 %

The company’s 50 day moving average is C$7.53. The stock has a market capitalization of C$5.37 billion and a P/E ratio of 4.99.

Veren Dividend Announcement

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.

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.