5 Cheap Oil Stocks Under $10

4. Berry Corporation (NASDAQ:BRY)

Number of Hedge Fund Holders: 19

Berry Corporation (NASDAQ:BRY) is involved in both exploring for and producing oil and managing and closing down wells. The company is headquartered in Dallas, Texas, the United States.

Berry Corporation (NASDAQ:BRY) posted $110 million in operating income during the second quarter, which marked a strong 52% annual increase. The company also aims to maintain its current oil production this year, which will prove easy since 90% of its oil comes from existing production fields – saving it from the tedious process of securing new permits and installing new equipment.

Jefferies set a $10 share price target for the company in October 2022, as it shared that a constrained capital cycle will aid the energy industry’s value. By the end of this year’s second quarter, 19 out of the 895 hedge funds polled by Insider Monkey had held a stake in Berry Corporation (NASDAQ:BRY).

Out of these, Howard Marks’s Oaktree Capital Management is Berry Corporation (NASDAQ:BRY)’s largest investor. It owns 11.6 million shares that are worth $88 million.