Veren (TSE:VRN) Downgraded by Desjardins to “Tender”

Veren (TSE:VRN) was downgraded by investment analysts at Desjardins from a “buy” rating to a “tender” rating in a report issued on Tuesday,BayStreet.CA reports. They presently have a C$12.60 price objective on the stock, up from their previous price objective of C$11.00. Desjardins’ price target would indicate a potential upside of 50.36% from the company’s previous close.

A number of other research firms have also issued reports on VRN. Royal Bank of Canada reduced their target price on Veren from C$10.00 to C$9.75 and set an “outperform” rating on the stock in a research note on Tuesday. National Bankshares raised their price target on shares of Veren from C$12.50 to C$13.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. CIBC lowered their target price on Veren from C$13.00 to C$12.50 in a research note on Friday, January 17th. Finally, ATB Capital dropped their price target on shares of Veren from C$11.00 to C$9.50 in a research note on Tuesday. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of C$11.74.

Veren Price Performance

Shares of Veren stock traded up C$0.19 on Tuesday, reaching C$8.38. 9,491,778 shares of the stock were exchanged, compared to its average volume of 4,745,107. The firm has a market capitalization of C$5.13 billion and a price-to-earnings ratio of 4.77. The stock’s fifty day simple moving average is C$7.49. Veren has a 1-year low of C$6.34 and a 1-year high of C$12.67.

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.