5 Cheap Energy Stocks To Buy

In this article, we will be taking a look at 5 cheap energy stocks to buy. To read our detailed analysis of the energy sector, you can go directly to see the 12 Cheap Energy Stocks to Buy.

5. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 51

P/E Ratio as of January 26: 6.9

Devon Energy Corporation (NYSE:DVN) is an oil and gas exploration and production company. It operates about 5,134 gross wells.

Wells Fargo’s Roger Read initiated coverage of Devon Energy Corporation (NYSE:DVN) shares with an Equal Weight rating as of January 24.

Devon Energy Corporation (NYSE:DVN) was found among the 13F holdings of 51 hedge funds in the third quarter. Their total stake value was $1.5 billion.

4. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 74

P/E Ratio as of January 26: 5.57

Occidental Petroleum Corporation (NYSE:OXY) is an energy company that acquires, explores, and develops oil and gas properties. The company is based in Houston, Texas.

Nitin Kumar at Mizuho holds a Buy rating on Occidental Petroleum Corporation (NYSE:OXY) shares as of January 9.

There were 74 hedge funds long Occidental Petroleum Corporation (NYSE:OXY) in the third quarter, with a total stake value of $15.6 billion.

3. Marathon Oil Corporation (NYSE:MRO)

Number of Hedge Fund Holders: 50

P/E Ratio as of January 26: 5.52

Marathon Oil Corporation (NYSE:MRO) is an independent exploration and production company in the energy sector. It is based in Houston, Texas.

On January 24, Roger Read at Wells Fargo initiated coverage of Marathon Oil Corporation (NYSE:MRO) shares with an Overweight rating.

Marathon Oil Corporation (NYSE:MRO) had 50 funds long its stock in the third quarter, with a total stake value of $1.03 billion.

2. Coterra Energy Inc. (NYSE:CTRA)

Number of Hedge Fund Holders: 39

P/E Ratio as of January 26: 4.58

Coterra Energy Inc. (NYSE:CTRA) is an independent oil and gas company. It is based in Houston, Texas.

Roger Read at Wells Fargo initiated coverage of Coterra Energy Inc. (NYSE:CTRA) shares as well on January 24, with an Equal Weight rating.

The average price target on Coterra Energy Inc. (NYSE:CTRA) shares as of this January is $32.92 per share. This offers a significant upside potential of over 30%, relative to the stock’s current share price of $25.33.

In total, 39 hedge funds were long Coterra Energy Inc. (NYSE:CTRA) in the third quarter. Their total stake value was $399.9 million.

Palm Valley Capital Management, an investment management firm, mentioned Coterra Energy Inc. (NYSE:CTRA) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“For the full calendar year, the Fund’s top performers includes Coterra Energy Inc. (NYSE:CTRA). Coterra Energy Inc. (NYSE:CTRA)’s stock rose sharply along with energy prices at the beginning of 2022.”

1. PDC Energy, Inc. (NASDAQ:PDCE)

Number of Hedge Fund Holders: 28

P/E Ratio as of January 26: 3.64

PDC Energy, Inc. (NASDAQ:PDCE) is an energy company that explores for and produces crude oil, natural gas, and natural gas liquids. It is based in Denver, Colorado.

A Buy rating was placed on PDC Energy, Inc (NASDAQ:PDCE) shares on January 9 by Mizuho’s Nitin Kumar.

Mizuho analysts have placed a price target of $97 on the stock as of this January. The shares are currently trading at a per-share value of $69.61, representing immense upside potential.

Our hedge fund data shows 28 funds long PDC Energy, Inc. (NASDAQ:PDCE) in the third quarter, with a total stake value of $373 million.

See also 11 Most Undervalued Natural Gas Stocks To Buy and 10 Dirt Cheap Stocks To Buy.