Veren (TSE:VRN) Trading Up 16% – Still a Buy?

Shares of Veren Inc. (TSE:VRN) rose 16% during mid-day trading 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.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VRN. CIBC reduced their price target on Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. National Bankshares lifted their price objective on Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Six equities research 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, Veren has a consensus rating of “Buy” and a consensus price target of C$11.83.

Veren Stock Up 16.0 %

The company has a fifty day moving average price of C$7.49. The company has a market capitalization of C$5.02 billion and a P/E ratio of 4.66.

Veren Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 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.