Veren (TSE:VRN) Trading 16% Higher – What’s Next?

Shares of Veren Inc. (TSE:VRN) were up 16% during mid-day trading on Monday . 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.

Analyst Ratings Changes

VRN has been the subject of several research reports. Desjardins lowered Veren from a “buy” rating to a “tender” rating and increased their price objective for the company from C$11.00 to C$12.60 in a report on Tuesday. Royal Bank of Canada lowered their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research note on Tuesday. National Bankshares upped their price target on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. ATB Capital cut their target price on Veren from C$11.00 to C$9.50 in a research note on Tuesday. Finally, CIBC reduced their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$11.74.

Veren Price Performance

The stock has a market cap of C$5.37 billion and a PE ratio of 4.99. The firm’s 50-day simple moving average is C$7.53.

Veren Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 5.25%. 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.