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

Veren Inc. (TSE:VRN) shares traded up 16% during trading on Tuesday . The company traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares were traded during mid-day 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 Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and upped their target price for the company from C$11.00 to C$12.60 in a research report on Tuesday. ATB Capital lowered their price objective on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Royal Bank of Canada dropped their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a report on Tuesday. Finally, 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. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$11.74.

Veren Stock Performance

The stock has a market capitalization of C$5.37 billion and a price-to-earnings ratio of 4.99. The business’s 50-day simple moving average is C$7.53.

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 of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.25%.

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.