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

Veren Inc. (TSE:VRN)’s stock price was up 16% during trading on Tuesday . 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VRN shares. Royal Bank of Canada decreased 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 report on Tuesday. National Bankshares raised 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 note on Thursday, January 30th. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and raised their target price for the company from C$11.00 to C$12.60 in a research note on Tuesday. ATB Capital cut their price target on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. Finally, CIBC cut their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. 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 data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Up 3.7 %

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

Veren Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, March 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%.

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.