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

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

Analysts Set New Price Targets

Several brokerages have commented on VRN. CIBC cut their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. National Bankshares increased their price objective on shares of 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, Veren currently has an average rating of “Buy” and an average price target of C$11.83.

Veren Stock Up 16.3 %

The firm has a market cap of C$5.03 billion and a P/E ratio of 4.68. The company’s 50-day moving average is C$7.49.

Veren Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be given 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 5.60%.

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.