10 Worst Affordable Stocks to Buy Under $10

4. Veren Inc. (NYSE:VRN)

Price: $6.77

Forward P/E Ratio: 6.83

Earnings Growth This Year: 2.92%

Number of Hedge Fund Holders: 22

Veren Inc. (NYSE:VRN) is a Canadian oil and gas producer with operations primarily in central Alberta and southeast and southwest Saskatchewan. It focuses on acquiring, developing, and managing petroleum and natural gas properties through its general partnership and wholly owned subsidiaries.

During the fiscal fourth quarter of 2024, Veren Inc. (NYSE:VRN) increased its production level to 189,000 BOE per day. This was boosted by the Montney and Duvernay assets in Alberta which contributed more than 80% to the quarterly production. Moreover, on February 28, Jeremy Mccrea, an analyst from BMO Capital, maintained the Buy rating on Veren with a price target of C$11. Mccrea noted that the company has implemented an innovative SPE (Single Point Entry) completion design in the Karr area, leading to significantly higher-than-expected well production rates. This success highlights the potential for increased production efficiency and financial performance in the region.

In addition, activities in the Kaybob Duvernay region have also exceeded expectations. Multi-well pads in this area have delivered production rates above the typical performance benchmarks, further contributing to Veren Inc.’s (NYSE:VRN) strong cash flow and production growth. However, the stock ranks as one of the worst affordable stocks to buy under $10 and was held by 22 hedge funds in Q4 2024.