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

Veren Inc. (TSE:VRN) traded up 16% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares traded 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VRN shares. National Bankshares raised their price target on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. CIBC dropped their target price on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and boosted their target price for the stock from C$11.00 to C$12.60 in a research note on Tuesday. ATB Capital decreased their price target on Veren from C$11.00 to C$9.50 in a research report on Tuesday. Finally, Royal Bank of Canada cut their price objective on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research report on Tuesday. Six investment 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, Veren presently has a consensus rating of “Buy” and a consensus price target of C$11.74.

Veren Trading Up 3.7 %

The stock’s 50 day moving average is C$7.53. The stock has a market cap of C$5.37 billion and a price-to-earnings ratio of 4.99.

Veren Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.25%.

Veren Company Profile

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.