Veren (TSE:VRN) Shares Up 16.3% – Here’s Why

Veren Inc. (TSE:VRN)’s stock price was up 16.3% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.21. Approximately 14,841,724 shares changed hands during mid-day trading, an increase of 244% from the average daily volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on VRN shares. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. National Bankshares increased their target price on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a 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 company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$11.83.

Veren Stock Performance

The company has a market cap of C$5.02 billion and a PE ratio of 4.66. The company’s fifty day moving average price is C$7.49.

Veren Announces Dividend

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