10 Cheap Energy Stocks to Buy Now

5. Permian Resources Corporation (NYSE:PR

Forward P/E Ratio as of May 11: 10.16

Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company with operations focused in the Permian Basin, with assets concentrated in the core of the Delaware Basin.

Permian Resources Corporation (NYSE:PR) had a very strong Q1 2025, highlighted by strong operational performance and lower costs. The company reported an adjusted EPS of $1.06, beating expectations by $0.24. PR’s revenue also surged by over 37% YoY to $2.61 billion, topping estimates by more than $416 million. Q1 output exceeded expectations, with oil production of 175,000 barrels of oil per day and total production of 373,000 barrels of oil equivalent per day.

Permian Resources Corporation (NYSE:PR) managed to achieve the highest free cash flow per share in its history of $0.54 per share, driven by lower per-unit cost and solid production performance. PR recently declared a dividend of $0.15 per share for Q2 and maintained that it currently has a $1 billion share repurchase authorization in place.

Permian Resources Corporation (NYSE:PR) revealed that it has approximately 25% of 2025 oil production hedged at a price just above $73 per barrel, allowing it to be more opportunistic during a downturn when investments can earn the highest return. Moreover, thanks to the company’s current cost structure and consistent well performance, it can generate the same free cash flow this year if oil remains at $60 as it did last year at $75.

The share price of Permian Resources Corporation (NYSE:PR) has surged by an eye-watering 1,450% over the last five years.