Veren (TSE:VRN) Stock Price Up 16% – Still a Buy?

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. National Bankshares raised their price objective on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. ATB Capital cut their target price on shares of Veren from C$11.00 to C$9.50 in a research note on Tuesday. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and lifted their price target for the stock from C$11.00 to C$12.60 in a research note on Tuesday. Finally, 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 research note on Tuesday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Trading Up 3.7 %

The stock has a 50 day moving average price of C$7.53. The firm has a market cap 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. Investors of record on Tuesday, April 1st will be issued a $0.115 dividend. This represents a $0.46 annualized dividend 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.