Veren (TSE:VRN) Stock Price Up 15.9% – Here’s Why

Veren Inc. (TSE:VRN) shares traded up 15.9% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.18. 14,926,928 shares were traded during trading, an increase of 246% from the average session volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

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

Veren Stock Up 1.2 %

The firm has a market capitalization of C$5.24 billion and a PE ratio of 4.87. The business’s 50 day moving average price is C$7.51.

Veren Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.38%.

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.