Veren (TSE:VRN) Trading Up 13.9% – Should You Buy?

Veren Inc. (TSE:VRN) shares rose 13.9% on Monday . The company traded as high as C$8.36 and last traded at C$8.04. Approximately 5,251,652 shares were traded during trading, an increase of 28% from the average daily volume of 4,116,081 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

A number of brokerages have commented on VRN. Royal Bank of Canada dropped their target price 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 Veren from a “buy” rating to a “tender” rating and raised their price objective for the stock from C$11.00 to C$12.60 in a report on Tuesday. National Bankshares upped their target price on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. ATB Capital cut their price target on Veren from C$11.00 to C$9.50 in a research note on Tuesday. Finally, CIBC lowered their price objective on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of C$11.74.

Veren Trading Up 3.2 %

The business’s 50-day moving average price is C$7.51. The company has a market capitalization of C$5.18 billion and a P/E ratio of 4.81.

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 issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.44%. The ex-dividend date is Friday, March 14th.

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.