Veren (TSE:VRN) Trading Up 16% – Time to Buy?

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Desjardins downgraded shares of 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. 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 research report on Thursday, January 30th. CIBC lowered their target price on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Royal Bank of Canada dropped 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. Finally, ATB Capital cut their price objective on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Up 3.7 %

The business has a 50 day simple moving average of C$7.53. The stock has a market capitalization of C$5.37 billion and a P/E ratio of 4.99.

Veren Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.25%.

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.