Veren (TSE:VRN) Stock Price Up 15.7% – Still a Buy?

Veren Inc. (TSE:VRN)’s share price traded up 15.7% on Monday . The company traded as high as C$8.39 and last traded at C$8.17. 19,597,803 shares were traded during mid-day trading, an increase of 338% from the average session volume of 4,470,405 shares. The stock had previously closed at C$7.06.

Wall Street Analyst Weigh In

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

Veren Price Performance

The firm’s 50 day moving average price is C$7.53. The firm has a market cap of C$5.37 billion and a price-to-earnings ratio of 4.99.

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%.

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.