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

Veren Inc. (TSE:VRN) shares rose 16% during trading on Monday . The company traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares were traded during trading, an increase of 486% from the average daily 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 several research analyst reports. Desjardins downgraded Veren from a “buy” rating to a “tender” rating and upped their price objective for the company from C$11.00 to C$12.60 in a research report on Tuesday. National Bankshares lifted their price objective on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada decreased their price target on shares of 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 price objective on Veren from C$11.00 to C$9.50 in a report on Tuesday. Finally, CIBC lowered their target price on Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of C$11.74.

Veren Trading Up 3.7 %

The business’s 50 day moving average price is C$7.53. The company has a market cap of C$5.37 billion and a P/E ratio of 4.99.

Veren Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend 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.