CIBC Cuts Veren (TSE:VRN) Price Target to C$13.00

Veren (TSE:VRN) had its price objective decreased by CIBC from C$15.00 to C$13.00 in a research note released on Friday, BayStreet.CA reports.

A number of other research analysts also recently weighed in on VRN. BMO Capital Markets cut their price objective on Veren from C$14.00 to C$11.00 and set an “outperform” rating on the stock in a research note on Friday. Canaccord Genuity Group decreased their price objective on shares of Veren from C$15.00 to C$14.00 in a report on Tuesday, October 22nd. Finally, Raymond James upgraded shares of Veren to a “strong-buy” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Veren presently has an average rating of “Buy” and an average target price of C$11.89.

Veren Price Performance

Veren stock traded down C$0.23 during mid-day trading on Friday, hitting C$6.94. 9,067,202 shares of the company’s stock were exchanged, compared to its average volume of 3,155,478. Veren has a 1-year low of C$6.84 and a 1-year high of C$12.67.

Veren Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.115 per share. The ex-dividend date is Friday, December 13th. This represents a $0.46 annualized dividend and a dividend yield of 6.63%.

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.