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

Shares of Veren Inc. (TSE:VRN) shot up 16% during trading on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares were traded during mid-day trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

Several research firms recently commented on VRN. CIBC decreased their price target on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares increased their price objective on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. ATB Capital reduced their price objective on shares of Veren from C$11.00 to C$9.50 in a research note on Tuesday. Desjardins downgraded shares of Veren from a “buy” rating to a “tender” rating and increased their price objective for the stock from C$11.00 to C$12.60 in a research note on Tuesday. Finally, Royal Bank of Canada reduced their price objective on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research note on Tuesday. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Stock Performance

The company has a market capitalization of C$5.37 billion and a PE ratio of 4.99. The company has a fifty day moving average price of C$7.53.

Veren Announces Dividend

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

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.