Veren (TSE:VRN) Trading 16% Higher – Still a Buy?

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

Analysts Set New Price Targets

VRN has been the topic of a number of recent analyst reports. CIBC reduced 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 target on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. ATB Capital lowered their target price on Veren from C$11.00 to C$9.50 in a research note on Tuesday. Royal Bank of Canada reduced their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Desjardins cut Veren from a “buy” rating to a “tender” rating and increased their price target for the company from C$11.00 to C$12.60 in a research report on Tuesday. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Price Performance

The stock has a market capitalization of C$5.37 billion and a price-to-earnings ratio of 4.99. The business’s 50-day moving average price is C$7.53.

Veren Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.115 per share. 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.

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.