11 Cheap Energy Stocks to Buy Right Now

8. Ovintiv Inc. (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) is one of the cheap energy stocks to buy right now. On February 23, Ovintiv officially completed its multi-year portfolio transformation, narrowing its focus to the Permian and Montney basins following the acquisition of NuVista and the strategic sale of its Anadarko assets. The Anadarko sale, expected to yield $3 billion in cash proceeds, will be used to slash net debt to approximately $3.6 billion and clear out all long-term debt maturities until 2030.

Under a newly authorized $3 billion repurchase program, Ovintiv plans to return at least 75% of its 2026 free cash flow to shareholders through dividends and buybacks. Management believes the stock is significantly undervalued and intends to use a flexible return framework (ranging from 50% to 100% of free cash flow) to capitalize on market cycles.

For 2026, the company is moving into a maintenance mode, targeting total production of 620,000 to 645,000 BOE/d with a capital budget of ~$2.3 billion. Operational efficiency remains a core theme, particularly through the use of surfactants in the Permian, which delivered a 9% uplift in oil productivity. In the Montney, Ovintiv Inc. (NYSE:OVV) is applying its proprietary drilling and completion techniques to the newly acquired NuVista acreage, targeting $1 million in cost savings per well.

Ovintiv Inc. (NYSE:OVV), together with its subsidiaries, operates as an oil and natural gas exploration and production company in North America. The company operates through the USA Operations and Canadian Operations segments.