10 Most Undervalued Stocks Under $5 to Buy

8. Granite Ridge Resources, Inc. (NYSE:GRNT)

Stock Price: $4.57

Forward P/E: ~8.16x

Number of Hedge Fund Holders: 19

Granite Ridge Resources, Inc. (NYSE:GRNT) is one of the Most Undervalued Stocks Under $5 to Buy. On July 8, Northland analyst Jeff Grampp began coverage of the company’s stock with an “Outperform” rating and a price objective of $9. The analyst noted that the company is an upstream oil and gas company, possessing non-operating assets that are diversified throughout most major unconventional basins in the U.S. Furthermore, Granite Ridge Resources, Inc. (NYSE:GRNT)’s shares are quite attractive, considering its strong dividend, modest leverage, as well as compelling valuation, believes Grampp.

Notably, in Q1 2026, Granite Ridge Resources, Inc. (NYSE:GRNT) saw its daily production grow by 18% to 34,467 barrels of oil equivalent (Boe) per day (48% oil) compared to 29,245 Boe per day for Q1 2025. The company stated that well performance throughout multiple basins surpassed its internal forecasts, characterized by strong initial production from recently turned-in-line wells in the Permian.

Granite Ridge Resources, Inc. (NYSE:GRNT) is approaching a critical inflection. As the company’s production base matures and development capital aligns more closely with the cash flow, it remains well-positioned to garner strong FCF over the coming years.

Granite Ridge Resources, Inc. (NYSE:GRNT) operates as a non-operated oil and natural gas exploration and production company.