Veren (TSE:VRN) Shares Up 16% – What’s Next?

Shares of Veren Inc. (TSE:VRN) shot up 16% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares were traded 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.

Analysts Set New Price Targets

VRN has been the topic of a number of research reports. National Bankshares lifted their target price on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. CIBC lowered their price objective on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Desjardins cut shares of Veren from a “buy” rating to a “tender” rating and lifted their target price for the company from C$11.00 to C$12.60 in a research note on Tuesday. ATB Capital reduced their target price on shares of Veren from C$11.00 to C$9.50 in a research note on Tuesday. Finally, Royal Bank of Canada reduced 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. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Trading Up 3.7 %

The company has a fifty day moving average price 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date 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.