Veren (TSE:VRN) Shares Up 13.9% – Here’s Why

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on VRN shares. National Bankshares raised their target price on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. CIBC dropped their price target on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and raised their target price 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 shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a research report on Tuesday. Finally, ATB Capital dropped their target price on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Veren has an average rating of “Buy” and an average price target of C$11.74.

Veren Price Performance

The firm has a market capitalization of C$5.18 billion and a PE ratio of 4.81. The company’s 50 day moving average is C$7.51.

Veren Dividend Announcement

The company also recently declared 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 dividend yield of 5.44%.

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.