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

Veren Inc. (TSE:VRN)’s stock price traded up 16% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands 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.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. ATB Capital lowered their target price on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Desjardins lowered Veren from a “buy” rating to a “tender” rating and raised their target price for the stock from C$11.00 to C$12.60 in a research report on Tuesday. National Bankshares raised their target price on 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 Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Finally, Royal Bank of Canada lowered their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Price Performance

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

Veren Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be paid a $0.115 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.25%.

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.