Veren (TSE:VRN) Shares Up 14.9% – Still a Buy?

Veren Inc. (TSE:VRN)’s stock price was up 14.9% during trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.11. Approximately 17,339,819 shares traded hands during mid-day trading, an increase of 293% from the average daily volume of 4,417,027 shares. The stock had previously closed at C$7.06.

Wall Street Analysts Forecast Growth

VRN has been the subject of a number of research analyst reports. Royal Bank of Canada lowered their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a research note on Tuesday. ATB Capital reduced their target price on shares of Veren from C$11.00 to C$9.50 in a research report on Tuesday. Desjardins cut 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. National Bankshares upped their price objective 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, CIBC decreased their target price 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Veren has a consensus rating of “Buy” and a consensus target price of C$11.74.

Veren Trading Up 3.7 %

The firm has a market capitalization of C$5.37 billion and a PE ratio of 4.99. The firm has a 50-day moving average of C$7.53.

Veren Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend 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.