Veren (TSE:VRN) Trading 16% Higher – Should You Buy?

Veren Inc. (TSE:VRNGet Free Report)’s stock price was up 16% on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. Approximately 27,269,131 shares changed hands 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.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on VRN shares. Royal Bank of Canada reduced their price objective 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. CIBC dropped their price objective on shares of Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. National Bankshares upped their target price on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. ATB Capital cut their price objective on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. Finally, Desjardins downgraded shares of Veren from a “buy” rating to a “tender” rating and lifted their price objective for the stock 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$11.74.

Get Our Latest Report on Veren

Veren Stock Performance

The firm has a market capitalization of C$5.37 billion and a PE ratio of 4.99. The stock’s fifty day moving average price is C$7.53.

Veren Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a dividend yield of 5.25%.

Veren Company Profile

(Get Free Report)

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.

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