Veren (TSE:VRN) Stock Price Up 15.4% – What’s Next?

Veren Inc. (TSE:VRN)’s share price was up 15.4% during mid-day trading on Monday . The company traded as high as C$8.36 and last traded at C$8.15. Approximately 11,587,658 shares traded hands during mid-day trading, an increase of 172% from the average daily volume of 4,258,240 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

Several research firms recently commented on VRN. Royal Bank of Canada reduced their target price on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a report on Tuesday. ATB Capital reduced their price objective on Veren from C$11.00 to C$9.50 in a research note on Tuesday. Desjardins lowered Veren from a “buy” rating to a “tender” rating and boosted their target price for the company from C$11.00 to C$12.60 in a research note on Tuesday. CIBC reduced their price target on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Finally, National Bankshares lifted their price target on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of C$11.74.

Veren Price Performance

The firm has a market cap of C$5.18 billion and a PE ratio of 4.81. The company has a 50-day moving average of C$7.51.

Veren Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 5.44%. The ex-dividend date of this dividend is Friday, March 14th.

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.