9 Cheap Oil Stocks Under $10 to Buy Now

4. Granite Ridge Resources, Inc. (NYSE:GRNT)

Forward P/E: 8.16

Stock Price: $5.42

Number of Hedge Fund Holders: 15

Granite Ridge Resources, Inc. (NYSE:GRNT) is one of the cheap oil stocks under $10 to buy now. With two Hold ratings and no Buys or Sells, Granite Ridge Resources, Inc. (NYSE:GRNT) carries a consensus Hold and an average target of $5.75, roughly 6% above the current $5.42.

On November 13, Freedom Capital Markets shifted its rating on Granite Ridge Resources, Inc. from Buy to Hold. The firm also cut its price target on the shares from $7.80 to $7.00, citing the debt burden that Granite Ridge has accumulated as a result of relentless production expansion via asset acquisition.

Even with the downgrade and target cut, Freedom Capital values Granite Ridge’s “controlling non-op” model that lets it guide drilling plans with top partners like ExxonMobil. This model, noted the analysts, blends control and low-risk funding for steady returns. They also highlighted the company’s conservative leverage at 50% pre-debt spike, strong profitability with 8.38% net margins over the last year, and inventory life over 10 years in high-return basins.

A week earlier, on November 6, the company had reported its Q3 2025 results, where revenues climbed to $112.7 million, up nearly 20% compared to Q3 2024. The jump, management said, was propelled by a 27% year-over-year surge in average daily production to 32,100 barrels of oil equivalent per day (boepd). This surge was mainly from Permian Basin contributions where oil accounted for 77% of output. As a result, the company declared a quarterly cash dividend of $0.11 per share, payable in December 2025.

Granite Ridge Resources, Inc. (NYSE:GRNT) is an independent oil and natural gas company. It develops and operates production assets across multiple US basins. The company’s main products are crude oil and natural gas, generated through strategic partnerships with leading operators across these basins.