10 Oversold Canadian Stocks to Buy Right Now

4) Vermilion Energy Inc. (NYSE:VET)

% Decline Over Past Year: ~33%

Forward P/E (As of October 21): 9.70x

Number of Hedge Fund Holders: 16

Vermilion Energy Inc. (NYSE:VET) is engaged in the acquisition, exploration, development, and production of petroleum and natural gas.

Vermilion Energy Inc. (NYSE:VET) achieved some key operational milestones, which include the startup of the Mica Montney battery in British Columbia and the SA-10 gas plant in Croatia. The company highlighted that new gas production in Croatia gets support from stronger natural gas prices, selling at a premium to other European benchmarks. In the recent earnings call, Vermilion Energy Inc. (NYSE:VET) highlighted that its focus was on strategic growth assets.

Wall Street analysts expect that the company’s diversified portfolio, mainly its exposure to premium-priced European gas, should continue to strengthen its financial position moving forward despite challenges. In Germany, Vermilion Energy Inc. (NYSE:VET) completed its testing operations for the first deep gas exploration well drilled. The well was completed in the Rotliegend zone at a depth of ~5,000 meters and flow tested at a restricted rate of 17 mmcf/d(1) of natural gas with a wellhead pressure of 4,625 psi.

Considering the high-pressure reading, Vermilion Energy Inc. (NYSE:VET) expects that deliverability would have been higher without testing equipment limitations. On a positive note, these results validate the company’s initial assessment of the reservoir. Vermilion Energy Inc. (NYSE:VET) went on to say that tie-in operations are progressing and the focus is on bringing the well into production in H1 2025.

In Croatia, Vermilion Energy Inc. (NYSE:VET) successfully increased production on the SA-10 block after the commissioning of a gas plant in late June 2024.