We recently compiled a list of the Why These 10 Stocks Are Skyrocketing. In this article, we are going to take a look at where Veren Inc. (NYSE:VRN) stands against the other stocks that are skyrocketing.
Wall Street saw a quiet trading session this week amid the lack of major catalysts to perk up the market. Despite an overall thin trading volume, 10 companies managed to outperform and mirror gains of all major indices.
To come up with the Top 10 Gainers this week, we focused on stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
Let’s take a look at Veren Inc. (NYSE:VRN) and how it has performed so far.
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Veren Inc. (NYSE:VRN)
Veren Inc. (NYSE:VRN), a Canadian-based oil and gas exploration company, registered an unusually heavy trading volume in this week’s trading session, with 6.5 million shares changed hands, an increase of 30 percent from the 4.97 million registered the day prior.
Veren opened the week at $4.66 apiece and ended Tuesday higher by 6 percent at $4.94 each after the Royal Bank of Canada set an “outperform” rating on the stock in a research report published on Friday.
The company also earned a “strong buy” rating from investment bank and financial services company Raymond James Financial Inc., which set its price target on the stock at $13 apiece.
Overall, VRN ranks 10th on our list of stocks that are skyrocketing. While we acknowledge the potential of VRN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VRN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.