10 Ridiculously Cheap Stocks to Buy Right Now

7. Devon Energy Corporation (NYSE:DVN)

Analyst Upside as of November 25, 2024: 27%

Forward P/E as of November 25, 2024: 8.26

Market Capitalization as of November 25, 2024: $25.9 Billion

Devon Energy Corporation (NYSE:DVN) is an oil and gas exploration and production company that ranks seventh on our list of ridiculously cheap stocks to buy right now. The company’s operations are focused onshore in the United States.

In the third quarter of 2024, Devon Energy Corporation (NYSE:DVN) had stupendous daily production levels, at 335,000 barrels of oil, 194,000 barrels of natural gas, and close to 1.2 billion cubic feet of natural gas. The company boasts a solid liquidity situation. As of Q3 2024, the company has $3.7 billion in total liquidity and a cash balance of $0.7 billion with retired debt worth $0.5 billion.

For the fiscal year 2025, the company expects to reinvest 65% of its cash flow into the company and have total capital worth $4 to $4.2 billion. The company also expects production volumes to reach 800 mboed (Thousand barrels of oil equivalent per day), indicative of its position as a leader in the industry. Devon Energy Corporation (NYSE:DVN) also has a $2.5 billion debt reduction program underway, of which 70% of outstanding debt obligations are expected to mature after 2030.

For the year ahead in 2025, Devon Energy Corporation (NYSE:DVN) expects to sustain its portfolio, build on its financials, and deliver value to its shareholders. Its expansion strategy and growth trajectory align with its 2025 goals, contributing to its ranking on our list.