1.0 Exit Case: Veren Inc. 

Overview:

Veren Inc. (TSX: VRN) is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Its core operational areas include Kaybob Duvernay and Alberta Montney, Shaunavon and Viewfield Bakken.

VRN has been a part of the ‘Value Portfolio’ since 12^th May 2025. Recently we observed a corporate action in the company, where Whitecap Resources acquired all of the issued and outstanding common shares of Veren.  Under the terms of the Business Combination, Veren shareholders will receive 1.05 common shares of Whitecap for each Veren common share held. Hence considering this update, and ~3.86% of upside from the entry price, an ‘Exit’ is recommended from the stock at the price of CAD 9.14, (as on 13 May 2025).

1.1 Veren Inc. (TSX: VRN)

2.0 New Entry Case: Pinetree Capital Ltd. (TSX: PNP)

Overview:  

Pinetree Capital Ltd. (TSX: PNP)  is an investment and merchant banking company. It is engaged in the small-cap market with early-stage investments in resource and technology components. The company has a single reportable geographic segment, Canada. Pinetree's investment portfolio consists of investments, cash, cash equivalents, and cash due from brokers.

Technical Analysis: On the daily chart, PNP prices are trading in a rising trend. The 14-period Relative Strength Index (RSI) stands at approximately 57.46, reflecting a positive buying momentum. The key support for stock is at CAD 17.40, while the critical resistance level is at CAD 22.70.

Considering the above mentioned factors, technical analysis, support & resistance levels, an ‘Entry’ is recommended in the ‘Value Portfolio’ at the closing market price of CAD 20.28, as on (as on 29 May 2025). 

Pinetree Capital Ltd. (TSX: PNP) has been identified as the new entry to our Value Portfolio.

2.1 Support and Resistance Summary (as on 29 May 2025)

2.2 Pinetree Capital Ltd. (TSX: PNP)  

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of (29 May 2025). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the value of investments can go up or down.