In this piece, we will take a look at the five cheap hot stocks to buy now. To learn more about the stock market and investing, take a look at 11 Cheap Hot Stocks To Buy Now.
5. RenaissanceRe Holdings Ltd. (NYSE:RNR)
Latest TTM Price To Earnings Ratio: 6.89
RenaissanceRe Holdings Ltd. (NYSE:RNR) is an American insurance company that is headquartered in Pembroke, Bermuda. A high interest rate environment has served the company well, with its third quarter earnings report showing a whopping 150% annual increase in its fee income.
As of Q2 2023 end, 46 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in RenaissanceRe Holdings Ltd. (NYSE:RNR). Richard Armitage’s Egerton Capital Limited is the firm’s largest shareholder in our database, owning 1.3 million shares that are worth $247 million.
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Follow Renaissancere Holdings Ltd (NYSE:RNR)
4. Liberty Energy Inc. (NYSE:LBRT)
Latest TTM Price To Earnings Ratio: 5.51
Liberty Energy Inc. (NYSE:LBRT) is a backend oil company that provides drilling products and services to oil exploration companies. While slowing oil exploration in America slowed its growth during the third quarter, Liberty Energy Inc. (NYSE:LBRT)’s management shared that it expects the situation to improve in 2024 on the back of stronger commodity prices.
After digging through 910 hedge funds for their second quarter of 2023 shareholdings, Insider Monkey discovered that 29 had invested in the company. Liberty Energy Inc. (NYSE:LBRT)’s biggest investor in our database is Ken Griffin’s Citadel Investment Group due to its $52 million stake.
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3. Warrior Met Coal, Inc. (NYSE:HCC)
Latest TTM Price To Earnings Ratio: 5.48
Warrior Met Coal, Inc. (NYSE:HCC), as the title suggests, is a coal company. It sells coal all over the world. A normalization in the energy industry that has reduced dependence on coal has made the firm miss analyst EPS estimates in two out of its four quarters ending with Q2 2023.
By the end of 2023’s June quarter, 21 out of the 910 hedge funds profiled by Insider Monkey were the firm’s investors. Warrior Met Coal, Inc. (NYSE:HCC)’s largest hedge fund shareholder is Jim Simons’ Renaissance Technologies courtesy of its $61.4 million investment.
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2. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)
Latest TTM Price To Earnings Ratio: 2.97
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is Brazil’s state owned oil and gas company. Media reports suggest that the firm is currently looking to announce a $100 billion expenditure plan for the next five years soon, which will focus particularly on management transparency.
During this year’s second quarter, 33 among the 910 hedge funds tracked by Insider Monkey had held a stake in Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR). Rajiv Jain’s GQG Partners owns the biggest stake among these, which is worth $2.9 billion and comes via 211 million shares.
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1. Gulfport Energy Corporation (NYSE:GPOR)
Latest TTM Price To Earnings Ratio: 1.41
Gulfport Energy Corporation (NYSE:GPOR) is an American company that invests in oil and gas exploration and production properties. It ends our list of the top cheap and hot stocks to buy on a strong note as the shares are rated Strong Buy on average and analysts have set an average share price target of $146.33.
29 out of the 910 hedge funds part of Insider Monkey’s Q2 2023 database were the firm’s investors. Gulfport Energy Corporation (NYSE:GPOR)’s largest hedge fund shareholder is Edward A. Mule’s Silver Point Capital courtesy of its $753 million investment.
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Disclosure: None. You can also take a look at 12 Best Vanguard ETFs for Portfolio Diversification and 10 Best Mid-Cap Growth ETFs.
