Veren (TSE:VRN) Trading Up 16.3% – Time to Buy?

Veren Inc. (TSE:VRN)’s share price traded up 16.3% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.21. 14,841,724 shares changed hands during mid-day trading, an increase of 244% from the average session volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Analyst Ratings Changes

VRN has been the topic of a number of research analyst reports. Desjardins lowered Veren from a “buy” rating to a “tender” rating and boosted their price target for the stock from C$11.00 to C$12.60 in a research note on Tuesday. CIBC cut their price target on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. ATB Capital lowered their price objective on shares of Veren from C$11.00 to C$9.50 in a research note 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 report on Tuesday. Finally, National Bankshares raised their target price on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of C$11.74.

Veren Stock Up 3.2 %

The company has a market cap of C$5.18 billion and a P/E ratio of 4.81. The stock’s 50-day moving average is C$7.51.

Veren Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 5.44%. The ex-dividend date 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.