Veren (TSE:VRN) Trading 14.9% Higher – Here’s What Happened

Veren Inc. (TSE:VRN)’s share price rose 14.9% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.11. Approximately 17,339,819 shares changed hands during mid-day trading, an increase of 293% from the average daily volume of 4,417,027 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. 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 report on Thursday, January 30th. Six 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.com, the stock has a consensus rating of “Buy” and a consensus target price of C$11.83.

Veren Price Performance

The firm has a 50-day simple moving average of C$7.49. The stock has a market cap of C$5.02 billion and a P/E ratio of 4.66.

Veren Announces Dividend

The firm 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 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 yield of 5.62%.

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.