5 Cheap Oil Stocks Under $5

3. Halcon Resources Corporation (NYSE:HK)

Halcon Resources Corporation (NYSE:HK) registered the highest Q1 increase in terms of the number of bullish investors among the stocks on the list, as 23 funds disclosed holding shares of the company as of the end of March, compared to 16 funds a quarter earlier. Among the investors that added Halcon Resources Corporation to their equity portfolios were Dan Loeb‘s Third Point and Steve Cohen’s Point72 Asset Management, which amassed 5.17 million shares and 2.33 million shares, respectively.

Earlier this year, Halcon Resources Corporation (NYSE:HK) entered into the Delaware Basin, where it currently holds around 41,555 acres and expects an internal rate of return of over 45% for that acreage. The company has also issued $850 million in unsecured notes due 2025 and has launched a tender offer to acquire $700 million worth of notes due 2020. The moves allowed Halcon to push back the maturity of its debt by five years and to repay some of its credit facility debt.

huyangshu/Shutterstock.com