9 Cheap Oil Stocks Under $10 to Buy Now

7. HighPeak Energy, Inc. (NASDAQ:HPK)

Forward P/E: 10.60

Stock Price: $5.80

Number of Hedge Fund Holders: 8

HighPeak Energy, Inc. (NASDAQ:HPK) is one of the cheap oil stocks under $10 to buy now. HighPeak Energy, Inc. (NASDAQ:HPK) carries a consensus Hold rating, based on one Buy and one Sell recommendation from analysts in the past three months. The average 12‑month price target is $9.50, with forecasts ranging from $7.00 to $12.00, implying a potential 51% upside from the latest price of $6.28.

On November 6, Roth MKM reiterated its Buy rating on HighPeak Energy, Inc. and also held its price target for the stock at $12. The move came just hours after HighPeak reported its Q3 2025 earnings.

In the earnings report, total revenues touched $188.86 million, down from $271.58 million in Q3 2024 and missing the $226.48 million analyst estimates. According to management, the underperformance was due to a 30% drop in realized oil prices year-over-year to around $65 per barrel amid broader market weakness. The company’s EPS for the quarter was -$0.15 per diluted share, versus a $0.35 profit in the same quarter last year. The loss came on the back of a one-time $25.4 million non-cash loss on debt extinguishment from financial restructuring, noted management. Despite the weak numbers, the board declared a quarterly cash dividend of $0.04 per share, payable in December 2025.

Commenting on the results, interim CEO Michael Hollis stated: “We are not ignoring the realities of our situation. Instead, we are facing them head-on.” He added that the board and management remain “fully aligned and unwavering in our commitment to a long-term strategy of operating within cash flow, exercising disciplined decision-making, and maintaining measured, controlled execution.”

HighPeak Energy, Inc. (NASDAQ:HPK) is an independent oil and natural gas company. It develops and operates production assets in the Midland Basin, part of the prolific Permian Basin in West Texas. The company’s primary facilities include horizontal drilling and completion projects that leverage established infrastructure to support efficient crude oil and natural gas output.