Veren (TSE:VRN) Trading 15.4% Higher – What’s Next?

Veren Inc. (TSE:VRN)’s stock price was up 15.4% during mid-day trading on Monday . The stock 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.

Analysts Set New Price Targets

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

Veren Stock Performance

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

Veren Announces Dividend

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

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.