Veren (TSE:VRN) Shares Up 16% – Should You Buy?

Veren Inc. (TSE:VRN)’s stock price shot up 16% during trading on Tuesday . The stock traded as high as C$8.39 and last traded at C$8.19. 27,269,131 shares were traded during trading, an increase of 486% from the average session volume of 4,652,672 shares. The stock had previously closed at C$7.06.

Analysts Set New Price Targets

VRN has been the topic of several analyst reports. ATB Capital cut their price target on shares of Veren from C$11.00 to C$9.50 in a report on Tuesday. National Bankshares boosted their price target on shares of Veren from C$12.50 to C$13.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. CIBC cut their price target on shares of Veren from C$13.00 to C$12.50 in a report on Friday, January 17th. Desjardins cut shares of Veren from a “buy” rating to a “tender” rating and boosted their price target for the stock from C$11.00 to C$12.60 in a report on Tuesday. Finally, Royal Bank of Canada cut 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 report on Tuesday. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of C$11.74.

Veren Price Performance

The company has a market cap of C$5.37 billion and a PE ratio of 4.99. The business’s 50 day moving average price is C$7.53.

Veren Announces Dividend

The business also recently announced 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. This represents a $0.46 dividend on an annualized basis and a yield of 5.25%. The ex-dividend date of this dividend is 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.