Veren (TSE:VRN) Trading Up 16% – Time to Buy?

Veren Inc. (TSE:VRN) shares shot up 16% during mid-day trading on Tuesday . The company traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands during mid-day 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 Analyst Weigh In

VRN has been the topic of a number of research analyst reports. National Bankshares raised their price objective on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada cut their price target on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research note on Tuesday. Desjardins downgraded shares of Veren from a “buy” rating to a “tender” rating and upped 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. Finally, CIBC reduced their target price on Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of C$11.74.

Veren Stock Up 3.7 %

The business has a 50-day moving average of C$7.53. The company has a market capitalization of C$5.37 billion and a P/E ratio of 4.99.

Veren Dividend Announcement

The business 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 annualized dividend and a dividend yield of 5.25%. 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.