Veren (TSE:VRN) Stock Price Up 16% – What’s Next?

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

Analyst Ratings Changes

VRN has been the subject of several recent analyst reports. National Bankshares raised their price objective 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. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and lifted their price target for the company from C$11.00 to C$12.60 in a report on Tuesday. Royal Bank of Canada decreased their price target on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a report on Tuesday. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Finally, ATB Capital decreased their price target on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$11.74.

Veren Stock Up 3.7 %

The stock has a market cap of C$5.37 billion and a PE ratio of 4.99. The stock’s 50-day moving average price is C$7.53.

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 $0.115 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.25%.

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.