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

Veren Inc. (TSE:VRN) traded 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 were traded 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.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and raised their price target for the stock from C$11.00 to C$12.60 in a report on Tuesday. ATB Capital lowered their price target on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. National Bankshares raised their price target 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. Finally, Royal Bank of Canada lowered their price target on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of C$11.74.

Veren Trading Up 3.7 %

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

Veren Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be given 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 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.