8 Stocks Under $20 To Invest In Now

3. Permian Resources Corporation (NYSE:PR)

Share Price: $14.34

Number of Hedge Fund Holders: 51

Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas production company. It operates through acquiring property with reserves of natural gas or oil. Next, the company utilizes its efficiency and productivity to extract resources at cheaper rates. The company has primary operations in the Delaware Basin.

As of the second quarter of 2024, the company had around 450,000 net acres, with 85,000 net royalty acres of land, and produced around 325 thousand barrels of oil per day. Recently, Permian Resources Corporation (NYSE:PR) announced acquiring core Delaware Basin assets which will benefit the company in several ways. The new property not only adds 29,500 net acres of land with 9,900 royalty acres to its portfolio but will also result in the addition of 15,000 barrels of oil per day to its production capacity by the fourth quarter of 2024.

This robust portfolio of property and its effective extraction methods that result in cheap natural gas and oil production enabled the company to post a successful second quarter of 2024. The revenue of Permian Resources Corporation (NYSE:PR) was up 100% year-over-year to reach $1.25 billion, with net income growing around 220% to reach $235.1 million.

As we mentioned, one of the main focuses of the company is to improve its cost structure. During the quarter it was able to bring its cost per foot to $830 which was well below the guidance of $860 for the current year.

The stock was held by 51 hedge funds in Q2 2024 as per Insider Monkey’s database, making it one of the best stocks under $20 to invest in now.