Veren (TSE:VRN) Shares Up 16% – Should You Buy?

Veren Inc. (TSE:VRN) shot up 16% on Monday . The company traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed 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 research firms have recently weighed in on VRN. National Bankshares increased their price target on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. CIBC lowered their target price on Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Six equities research 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, Veren currently has an average rating of “Buy” and a consensus price target of C$11.83.

Veren Trading Up 16.0 %

The company has a market capitalization of C$5.02 billion and a P/E ratio of 4.66. The stock’s 50-day moving average price is C$7.49.

Veren Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 5.62%. The ex-dividend date 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.