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

Veren Inc. (TSE:VRN)’s stock price rose 16% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares traded 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 Ratings Changes

Several brokerages have recently commented on VRN. Desjardins downgraded 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 note on Tuesday. ATB Capital reduced their price objective on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. Royal Bank of Canada dropped their price objective 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. National Bankshares lifted their target price 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. Finally, CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Veren has a consensus rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Up 3.7 %

The company has a fifty day moving average of C$7.53. The firm has a market capitalization of C$5.37 billion and a P/E ratio of 4.99.

Veren Dividend Announcement

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 given 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.