Veren (TSE:VRN) Stock Price Up 15.9% - Time to Buy?

Veren Inc. (TSE:VRN - Get Free Report)'s share price shot up 15.9% during mid-day trading on Monday . The company traded as high as C$8.39 and last traded at C$8.18. 14,926,928 shares were traded during mid-day trading, an increase of 246% from the average session volume of 4,314,159 shares. The stock had previously closed at C$7.06.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. CIBC reduced their price target on shares of Veren from C$13.00 to C$12.50 in a research report on Friday, January 17th. Desjardins cut 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. 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 report on Thursday, January 30th. Royal Bank of Canada reduced their target price on shares of Veren from C$10.00 to C$9.75 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, ATB Capital reduced their target price on shares of Veren from C$11.00 to C$9.50 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 stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of C$11.74.

Veren Stock Up 2.1 %

The company has a market capitalization of C$5.34 billion and a PE ratio of 4.97. The business's fifty day simple moving average is C$7.58.

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Veren Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st will be issued a $0.115 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.46 annualized dividend and a yield of 5.28%.

About Veren

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.