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

Veren Inc. (TSE:VRN - Get Free Report) shares were up 16% during mid-day trading on Monday . The stock 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 498% from the average daily volume of 4,557,683 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

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

Veren Stock Up 2.7 %

The firm has a fifty day simple moving average of C$7.58. The company has a market cap of C$5.37 billion and a P/E ratio of 4.99.

Veren Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors 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 dividend yield of 5.25%.

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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.