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

Veren Inc. (TSE:VRN) rose 16% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares were traded during trading, an increase of 498% from the average daily volume of 4,557,683 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VRN. CIBC cut their price objective on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and lifted their price target for the company from C$11.00 to C$12.60 in a research report on Tuesday. ATB Capital decreased their price objective on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. National Bankshares lifted their target price 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 decreased 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 equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Stock Performance

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

Veren Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be given a $0.115 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 5.25%.

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.