Veren (TSE:VRN) Trading Up 16% – Here’s What Happened

Veren Inc. (TSE:VRN)’s stock price shot up 16% on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares traded hands during trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VRN. CIBC reduced their price objective on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. National Bankshares lifted their target price on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$11.83.

Veren Stock Up 16.0 %

The firm’s fifty day simple moving average is C$7.49. The firm has a market capitalization of C$5.02 billion and a price-to-earnings ratio of 4.66.

Veren Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 yield of 5.62%.

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.