10 Best Canadian Stocks to Buy Under $10

8. Veren Inc. (NYSE:VRN)

Number of Hedge Funds Holders: 22

Share Price as of November 27: $5.25

Veren Inc. (NYSE:VRN) is an oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The company’s primary activities involve acquiring, developing and holding interests in petroleum and natural gas properties and assets. The company’s core operational areas include Kaybob Duvernay and Alberta Montney, Shaunavon and Viewfield Bakken.

Veren Inc. (NYSE:VRN) shares have plunged over 24% year-to-date, as of November 27. The dip in shares is mainly due to investors not being happy from the lag in the company’s production in 2024 so far. As per the company’s guidance, it expects an average production of 191,000 barrels of oil equivalent per day in 2024, down from previous guidance of between 191,000 to 199,000 barrels per day. In 2025, Veren also anticipates production to fall short of analysts’ forecast and projects to produce 188,000 to 196,000 barrels per day.

In the long run, the company has allocated 85% of its 2025 budget to its core assets including short-cycle Kaybob Duvernay and Alberta Montney. In the next five years, Veren Inc. (NYSE:VRN) expects its annual average production to grow to 250,000 barrels per day, mainly driven by Alberta Montney and Kaybob Duvernay assets. Veren Inc. (NYSE:VRN) is one of the most liked Canadian stocks by institutional investors.