Veren, formerly Crescent Point Energy, sees stock rise over 10%
Shares of Canadian oil and gas producer Veren (VRN.TO)(VRN) climbed as much as 11.6 per cent on Thursday. The Calgary-based company reported fourth-quarter financial results before the opening bell, including a cash flow figure more than 20 per cent above analyst estimates.
The company, formerly known as Crescent Point Energy, reported adjusted funds flow from operations increased to $619.6 million in the three months ended Dec. 31, up eight per cent from $574.5 million in the same period last year. Scotiabank Global Equity Research analyst Kevin Fisk says Veren's free cash flow in the quarter beat consensus estimates by 22 per cent.
Toronto-listed shares added 10.84 per cent to $7.68 as at 12:08 p.m. ET on Thursday.
Veren reported its average selling price for the quarter was $59.56 per barrel of oil equivalent, down from $67.82 a year earlier. Profit slid to $146.8 million in the final three months of 2024, down from $951.2 million in the same period the year before. Sales rose nine per cent on an annualized basis to $1.03 billion in Q4.
The company also reported that daily average production was 16 per cent higher year-over-year, at 188,721 barrel of oil equivalent per day. New wells added in Alberta's Montney and Kaybob Duvernay regions late last year boosted oil and gas output.
'We continue to be excited about the quality of our asset base,' president and CEO Craig Bryksa said on a post-earnings conference call on Thursday.
Scotiabank's Fisk maintains an "outperformer" rating on Toronto-listed Veren shares, with an $11 per share one-year price target. The stock has fallen over 27 per cent in the past 12 months.
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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