Veren (TSE:VRN) Stock Price Up 16% – Here’s Why

Shares of Veren Inc. (TSE:VRN) traded up 16% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares traded hands during 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 Analysts Forecast Growth

A number of analysts have recently commented on the company. National Bankshares lifted 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. CIBC reduced their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Veren currently has a consensus rating of “Buy” and a consensus price target of C$11.83.

Veren Price Performance

The firm has a 50 day moving average of C$7.49. The firm has a market capitalization of C$5.02 billion and a price-to-earnings ratio of 4.66.

Veren Dividend Announcement

The business also recently announced 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. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a 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.