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

Shares of Veren Inc. (TSE:VRN) rose 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 were traded 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 research firms have weighed in on VRN. CIBC dropped their target price on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares upped 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. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$11.83.

Veren Price Performance

The company has a market capitalization of C$5.02 billion and a PE ratio of 4.66. The company has a fifty day simple moving average of C$7.49.

Veren Dividend Announcement

The business also recently announced 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 5.62%. The ex-dividend date is Friday, March 14th.

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.