17 Cheap Stocks Under $20 to Buy Now

13. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Stock Price: $11.83

Forward P/E: 3.84

Number of Hedge Fund Holders: 33

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the top cheap stocks under $20 to buy now. On December 16, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) announced a strategic partnership agreement in the onshore renewable energy segment through the acquisition of 49.99% of Lightsource bp’s subsidiaries in Brazil. Structured as a joint venture with shared management between Lightsource bp and Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), the partnership aims at developing profitable renewable energy projects and bolstering the presence of the two companies in the Brazilian renewable energy sector.

Management reported that Lightsource bp would add to the joint venture through its pipeline, which not only includes 1-1.5 GW of projects in more advanced development stages but also less mature projects in Brazil, along with the Milagres solar park in Abaiara, in Ceará, one of the largest in the state and operational since 2023 with 212 MWp (megawatt) of installed capacity. The initiative thus marks a strategic step for Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) in the solar power generation segment.

In a separate development, Goldman Sachs reiterated a Buy rating on Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) on December 8 and reduced the price target to $13.30 from $14.20. In another report released on December 4, Bank of America Securities reaffirmed a Hold rating on the stock and set a price target of BRL37.00.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas. The company’s operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.