CIBC Issues Pessimistic Forecast for Veren (TSE:VRN) Stock Price

Veren (TSE:VRN) had its price target decreased by investment analysts at CIBC from C$13.00 to C$12.50 in a research report issued on Friday,BayStreet.CA reports. CIBC’s target price suggests a potential upside of 59.24% from the stock’s current price.

Several other brokerages have also recently weighed in on VRN. Royal Bank of Canada dropped their price objective on shares of Veren from C$12.00 to C$10.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. ATB Capital dropped their price objective on shares of Veren from C$11.50 to C$11.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. National Bankshares dropped their price objective on shares of Veren from C$13.50 to C$13.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. TD Securities dropped their target price on shares of Veren from C$15.00 to C$12.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, BMO Capital Markets dropped their target price on shares of Veren from C$14.00 to C$11.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Veren presently has a consensus rating of “Buy” and a consensus price target of C$11.83.

Veren Stock Performance

Shares of VRN stock traded down C$0.04 during midday trading on Friday, hitting C$7.85. 1,966,840 shares of the company were exchanged, compared to its average volume of 3,661,614. The firm has a 50 day moving average price of C$7.31. Veren has a 52 week low of C$6.34 and a 52 week high of C$12.67.

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.