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

Veren Inc. (TSE:VRN) shares rose 16% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 24,565,728 shares changed hands during mid-day trading, an increase of 439% from the average daily volume of 4,557,683 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VRN. CIBC cut their target price on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. National Bankshares increased their target price 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. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of C$11.83.

Veren Price Performance

The firm has a market capitalization of C$5.02 billion and a price-to-earnings ratio of 4.66. The company’s fifty day moving average price is C$7.49.

Veren Dividend Announcement

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 issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.62%. 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.