Veren (TSE:VRN) Trading 15.7% Higher – Time to Buy?

Veren Inc. (TSE:VRN) shot up 15.7% during trading on Monday . The stock traded as high as C$8.39 and last traded at C$8.17. 19,597,803 shares changed hands 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 Analysts Forecast Growth

Several brokerages recently weighed in on VRN. CIBC dropped their target price on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Royal Bank of Canada lowered 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 report on Tuesday. National Bankshares upped their price target 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. ATB Capital reduced their target price on Veren from C$11.00 to C$9.50 in a research note on Tuesday. Finally, Desjardins lowered Veren from a “buy” rating to a “tender” rating and lifted their target price for the company from C$11.00 to C$12.60 in a research report on Tuesday. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$11.74.

Veren Stock Performance

The stock has a market cap of C$5.37 billion and a P/E ratio of 4.99. The business has a 50 day moving average of C$7.53.

Veren Dividend Announcement

The company also recently disclosed 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 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.