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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on VRN shares. Desjardins cut shares of Veren from a “buy” rating to a “tender” rating and raised their price objective for the company from C$11.00 to C$12.60 in a research note on Tuesday. ATB Capital dropped their price objective on Veren from C$11.00 to C$9.50 in a report on Tuesday. Royal Bank of Canada reduced their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a report on Tuesday. National Bankshares upped their price target on Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. 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 investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Trading Up 3.2 %

The stock has a market capitalization of C$5.18 billion and a PE ratio of 4.81. The stock has a 50-day moving average of C$7.51.

Veren Dividend Announcement

The firm also recently announced 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 annualized dividend 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.