10 Best Stocks Under $15 To Buy Now

5. Permian Resources Corporation (NYSE:PR)

Number of Hedge Fund Holders: 51

Share Price as of the close of September 27: $13.51

Permian Resources Corporation (NYSE:PR) is an oil and gas company headquartered in Midland, Texas. It focuses on the development of crude oil and rich natural gas reserves in the US, with operations primarily focused in the Permian Basin.

During Q2 2024, the company reported a revenue of $1.25 billion, which represented a 100% year-over-year increase. Net income grew a staggering 220% from last year to a total of $235.1 million. EPS for the quarter stood at $0.38, beating forecasts of $0.36 per share. Total oil production also exceeded expectations during the quarter, measured at 153,000 barrels of oil per day and 339,000 barrels of oil equivalent per day.

The robust financial performance was attributed to D&C efficiencies that resulted in accelerated cycle times and improved performances in fields and wells. The company also noted strong results in the gas and NLG segments, driven by an increase in gas processors. Permian Resources Corporation (NYSE:PR) also reported improved cost control measures during the quarter, which brought down well costs to $830 per foot versus the full-year guidance of $860 per foot.

It is one of the best stocks under $15 to buy now, with 51 hedge funds having investments in the company as of Q2 2024, according to Insider Monkey’s database. Permian Resources Corporation (NYSE:PR) has an institutional ownership of 75%, which reflects the stock’s stability. However, this also leaves the company vulnerable to their trading decisions. Recently, there have been some instances of insiders selling a significant stake in the company, which has resulted in some bearish sentiment. This included director, Jeffrey Tepper, who sold 65,000 of his shares in the company in May this year.

Having said that, the overall sentiment around the stock remains bullish. Following the $817 million acquisition of Oxy in July, which comprises the Barilla Draw assets and 2,000 acres in Eddy County, Permian Resources Corporation (NYSE:PR) expects strong momentum to continue. It has raised its full-year guidance of oil production and now forecasts an additional production of 4,500 barrels of oil per day compared to the initial guidance in February. Considering these factors, most Street analysts are bullish on the stock and have consensus on its Strong Buy rating. They also anticipate an upside of 44% in Permian Resources Corporation (NYSE:PR)’s share price.