Veren (TSE:VRN) Shares Up 13.9% – Here’s What Happened

Veren Inc. (TSE:VRN)’s stock price traded up 13.9% on Monday . The stock traded as high as C$8.36 and last traded at C$8.04. 5,251,652 shares traded hands during trading, an increase of 28% from the average session volume of 4,116,081 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

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

Veren Trading Up 3.2 %

The firm has a market cap of C$5.18 billion and a price-to-earnings ratio of 4.81. The firm’s fifty day simple moving average is C$7.51.

Veren Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.115 per share. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.44%.

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.