Veren (TSE:VRN) Trading 16% Higher - Here's What Happened

Shares of Veren Inc. (TSE:VRN - Get Free Report) rose 16% during mid-day trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during mid-day 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 Upgrades and Downgrades

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

Veren Stock Performance

The company has a market cap of C$5.33 billion and a P/E ratio of 4.95. The business's fifty day moving average is C$7.58.

Remove Ads

Veren Announces Dividend

The company 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 $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 5.29%.

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.