Veren (TSE:VRN) Trading 15.9% Higher – Here’s What Happened

Veren Inc. (TSE:VRN)’s stock price was up 15.9% on Monday . The stock traded as high as C$8.39 and last traded at C$8.18. Approximately 14,926,928 shares changed hands during mid-day trading, an increase of 246% from the average daily volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Analyst Ratings Changes

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

Veren Price Performance

The stock’s fifty day moving average is C$7.51. The firm has a market capitalization of C$5.24 billion and a P/E ratio of 4.87.

Veren Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be issued 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 5.38%.

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.