9 Cheap Oil Stocks Under $10 to Buy Now

6. VAALCO Energy, Inc. (NYSE:EGY)

Forward P/E: 12.17

Stock Price: $3.55

Number of Hedge Fund Holders: 13

VAALCO Energy, Inc. (NYSE:EGY) is one of the cheap oil stocks under $10 to buy now. VAALCO Energy, Inc. (NYSE:EGY) holds a consensus Moderate Buy rating, with a single analyst setting a $7.27 target, implying about 105% upside from its current $3.55 price.

On November 12, Jefferies reaffirmed its Buy rating on VAALCO Energy, Inc. and left the price target on the shares unchanged at £5.50 ($7.32). Independent of the analyst action, VAALCO reported its Q3 2025 financial results on November 10, in which the -$0.1 adjusted EPS missed analyst estimates by $0.08. Revenue also undershot expectations – the company reported $61.0 million against the expected $74.3 million. Management attributed this decrease to “lower realized pricing and lower sales volume” caused by a planned full-field maintenance shutdown in Gabon in July 2025.

Nonetheless, the company declared a quarterly cash dividend of $0.0625 per share, payable on December 24, 2025. Also, VAALCO successfully completed a redetermination of its credit facility, increasing lender commitments from $190 million to $240 million. CEO George Maxwell noted this “enhances our ability to fund the significant growth and opportunities that we have planned.”

Management increased the midpoints for full-year production and sales guidance. It also reduced its full-year capital guidance by an additional 19% (or $58 million) compared to original 2025 estimates, citing a focus on capital discipline.

VAALCO Energy, Inc. (NYSE:EGY) is a US-based oil and natural gas company. It acquires, explores, develops, and operates offshore hydrocarbon properties, primarily through its Etame Marin block in Gabon and additional interests in Equatorial Guinea and Canada. Its main products are crude oil and natural gas, extracted from offshore drilling and production operations.