Veren (TSE:VRN) Stock Price Up 16% – Should You Buy?

Shares of Veren Inc. (TSE:VRN) rose 16% on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands during mid-day 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 research analysts have recently issued reports on VRN shares. National Bankshares raised their price objective on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. CIBC reduced their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Veren has an average rating of “Buy” and a consensus target price of C$11.83.

Veren Stock Up 16.0 %

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

Veren Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 5.62%. 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.