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

Veren Inc. (TSE:VRN) shot up 16% during mid-day trading on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands during mid-day trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

Several research firms have recently issued reports on VRN. ATB Capital lowered their price target on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. National Bankshares boosted their price target on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Royal Bank of Canada lowered their price target on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research report on Tuesday. CIBC decreased their target price on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Finally, Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and upped their target price for the stock from C$11.00 to C$12.60 in a report on Tuesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$11.74.

Veren Trading Up 3.7 %

The company has a fifty day simple moving average of C$7.53. The company has a market capitalization of C$5.37 billion and a PE ratio of 4.99.

Veren Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend is Friday, March 14th.

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.