Veren (TSE:VRN) Trading 16% Higher – Should You Buy?

Shares of Veren Inc. (TSE:VRN) shot up 16% on Tuesday . The stock 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 Analysts Forecast Growth

A number of research firms have issued reports on VRN. 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 increased 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. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$11.83.

Veren Stock Up 16.0 %

The company has a market cap of C$5.02 billion and a P/E ratio of 4.66. The business has a 50-day simple moving average of C$7.49.

Veren Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.115 per share. The ex-dividend date is Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.62%.

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.