Veren (TSE:VRN) Trading Up 3.6% – Time to Buy?

Veren Inc. (TSE:VRN)’s share price was up 3.6% during trading on Wednesday . The company traded as high as C$8.32 and last traded at C$8.30. Approximately 793,779 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 4,827,710 shares. The stock had previously closed at C$8.01.

Analysts Set New Price Targets

VRN has been the topic of several research reports. Desjardins downgraded 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 report on Tuesday, March 11th. ATB Capital decreased their price objective on Veren from C$11.00 to C$9.50 in a research note on Tuesday, March 11th. National Bankshares lifted their price target on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada lowered their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Finally, CIBC decreased 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$11.74.

Veren Price Performance

The firm has a market capitalization of C$5.03 billion and a P/E ratio of 4.68. The company’s 50-day moving average is C$8.15.

Veren Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a $0.115 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.60%.

Veren Company Profile

Veren Inc is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries.