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

Veren Inc. (TSE:VRN)’s share price was up 16% during mid-day trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 24,565,728 shares were traded during trading, an increase of 439% from the average daily volume of 4,557,683 shares. The stock had previously closed at C$7.06.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. National Bankshares increased 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. CIBC dropped their target price on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Veren currently has a consensus rating of “Buy” and an average price target of C$11.83.

Veren Price Performance

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

Veren Announces Dividend

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