Veren (TSE:VRN) Trading 13.9% Higher - Here's Why

Veren Inc. (TSE:VRN - Get Free Report) rose 13.9% on Monday . The stock traded as high as C$8.36 and last traded at C$8.04. Approximately 5,251,652 shares were traded during trading, an increase of 28% from the average daily volume of 4,116,081 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

VRN has been the topic of several research analyst reports. Desjardins cut Veren from a "buy" rating to a "tender" rating and increased 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 target price on Veren from C$10.00 to C$9.75 and set an "outperform" rating on the stock in a report on Tuesday. ATB Capital decreased their target price on Veren from C$11.00 to C$9.50 in a report on Tuesday. CIBC decreased their target price on Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Finally, National Bankshares raised their target price on Veren from C$12.50 to C$13.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of C$11.74.

Veren Stock Performance

The stock has a market cap of C$5.31 billion and a PE ratio of 4.93. The company's 50-day moving average price is C$7.56.

Veren Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.115 per share. 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 5.31%.

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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.