Veren (TSE:VRN) Trading Down 7.1% – Time to Sell?

Veren Inc. (TSE:VRN) shares traded down 7.1% on Thursday . The company traded as low as C$7.64 and last traded at C$7.69. 1,353,028 shares changed hands during trading, a decline of 72% from the average session volume of 4,870,908 shares. The stock had previously closed at C$8.28.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on VRN. ATB Capital lowered their price target on Veren from C$11.00 to C$9.50 in a research note on Tuesday, March 11th. Desjardins lowered shares of Veren from a “buy” rating to a “tender” rating and lifted their price target for the company from C$11.00 to C$12.60 in a research report on Tuesday, March 11th. CIBC cut their price objective on Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Royal Bank of Canada cut their target price 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, March 11th. Finally, National Bankshares raised their price objective on Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$11.74.

Veren Stock Performance

The stock’s 50 day simple moving average is C$8.10. The company has a market capitalization of C$4.61 billion and a price-to-earnings ratio of 4.28.

Veren Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 6.12%. The ex-dividend date was 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.