Veren (TSE:VRN) Shares Up 16% – Here’s What Happened

Veren Inc. (TSE:VRN) was up 16% 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 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 topic of several analyst reports. CIBC cut their target price on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares lifted their price objective on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$11.83.

Veren Stock Performance

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

Veren Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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%.

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.