Veren (TSE:VRN) Trading 15.9% Higher – Still a Buy?

Veren Inc. (TSE:VRN)’s stock price was up 15.9% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.18. Approximately 14,926,928 shares were traded during mid-day trading, an increase of 246% from the average daily volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on VRN shares. National Bankshares upped their target price on shares of Veren from C$12.50 to C$13.00 and gave the company 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. Royal Bank of Canada cut their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a report on Tuesday. ATB Capital dropped their target price on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Finally, Desjardins lowered Veren from a “buy” rating to a “tender” rating and lifted their target price for the stock from C$11.00 to C$12.60 in a research report on Tuesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Price Performance

The firm has a fifty day simple moving average of C$7.51. The stock has a market capitalization of C$5.24 billion and a price-to-earnings ratio of 4.87.

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 paid a $0.115 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.38%.

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.