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

Shares of Veren Inc. (TSE:VRN) shot up 16% on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares changed hands 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 Analysts Forecast Growth

VRN has been the topic of a number of research reports. Royal Bank of Canada reduced their target price on shares of Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a report on Tuesday. ATB Capital reduced their target price on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. National Bankshares lifted their target price on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Desjardins downgraded shares of Veren from a “buy” rating to a “tender” rating and raised their price target for the stock from C$11.00 to C$12.60 in a report on Tuesday. Six equities 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 currently has an average 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 price-to-earnings ratio of 4.99. The company’s 50 day moving average is C$7.53.

Veren Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st will be paid a $0.115 dividend. The ex-dividend date 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.