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

Veren Inc. (TSE:VRN) shares were up 16% on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during 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

Several equities research analysts recently weighed in on VRN shares. National Bankshares increased their price objective on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Veren presently has a consensus rating of “Buy” and a consensus price target of C$11.83.

Veren Stock Performance

The stock has a market cap of C$5.02 billion and a PE ratio of 4.66. The stock has a 50-day moving average price of C$7.49.

Veren Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 5.62%. The ex-dividend date of this dividend 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.