Veren (TSE:VRN) Trading 16% Higher – What’s Next?

Veren Inc. (TSE:VRN) shares shot up 16% during trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares were traded during mid-day trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. CIBC dropped their target price on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. ATB Capital decreased their price objective on Veren from C$11.00 to C$9.50 in a research note on Tuesday. 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 research note on Thursday, January 30th. Royal Bank of Canada decreased their price target on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and raised their price objective for the company from C$11.00 to C$12.60 in a research report on Tuesday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$11.74.

Veren Price Performance

The company has a market cap of C$5.37 billion and a price-to-earnings ratio of 4.99. The stock’s 50-day moving average is C$7.53.

Veren Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend is Friday, March 14th.

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.