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

Shares of Veren Inc. (TSE:VRN) were up 16% during mid-day trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during trading, an increase of 486% from the average daily volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

Several equities analysts recently commented on VRN shares. National Bankshares increased their target price on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. CIBC cut their target price on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of C$11.83.

Veren Price Performance

The stock has a market cap of C$5.02 billion and a P/E ratio of 4.66. The company has a 50-day moving average price of C$7.49.

Veren Announces Dividend

The business also recently announced 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. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.62%. 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.