Crude Petroleum & Natural Gas stocks: intrinsic value, ROIC & growth
77 U.S. crude petroleum & natural gas companies with at least three years of SEC filings, ranked by size. 32 of the 42 with a current price trade below their Graham intrinsic value. The median company earned a 4.6% average return on invested capital and grew revenue 14.0% a year.
Updated October 18, 2026
77companies
32below Graham value
4.6%median 10-yr ROIC
14.0%median revenue CAGR
Most undervalued crude petroleum & natural gas stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| MTDR | Matador Resources Co | +252% | $57.52 | $202.28 | 72% below | $7.2B | 13.3% | 33.9% |
| CRK | COMSTOCK RESOURCES INC | +239% | $14.00 | $47.50 | 71% below | $4.1B | 7.6% | 38.0% |
| PARR | PAR PACIFIC HOLDINGS, INC. | +185% | $83.42 | $237.82 | 65% below | $4.3B | 11.3% | 16.7% |
| CNX | CNX Resources Corp | +134% | $35.91 | $84.13 | 57% below | $5.8B | 2.5% | 1.1% |
| DVN | Devon Energy | +129% | $50.73 | $115.99 | 56% below | $32.1B | 8.8% | 22.1% |
| SM | SM Energy Co | +87% | $39.50 | $73.86 | 47% below | $4.5B | 13.8% | 11.5% |
| PNRG | PRIMEENERGY RESOURCES CORP | +74% | $206.93 | $360.72 | 43% below | $501.3M | 15.9% | 14.3% |
| PR | Permian Resources Corp | +73% | $24.59 | $42.52 | 42% below | $18.0B | 5.9% | 36.1% |
| EOG | EOG Resources | +35% | $158.01 | $214.02 | 26% below | $86.3B | 14.7% | 12.8% |
| RRC | RANGE RESOURCES CORP | +34% | $43.22 | $57.92 | 25% below | $10.4B | 0.7% | 11.7% |
Highest-ROIC crude petroleum & natural gas stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| REPX | Riley Exploration Permian, Inc. | 72.3% | $48.68 | $252.11 | 81% below | $1.0B | 72.3% | 63.6% |
| CRGY | Crescent Energy Co | 18.9% | $13.77 | — | — | — | 18.9% | 22.0% |
| WTI | W&T OFFSHORE INC | 18.5% | $3.80 | $1.29 | 195% above | $563.2M | 18.5% | 2.5% |
| CHRD | Chord Energy Corp | 17.1% | $154.56 | $11.19 | 1281% above | $8.9B | 17.1% | 24.0% |
| PNRG | PRIMEENERGY RESOURCES CORP | 15.9% | $206.93 | $360.72 | 43% below | $501.3M | 15.9% | 14.3% |
| EOG | EOG Resources | 14.7% | $158.01 | $214.02 | 26% below | $86.3B | 14.7% | 12.8% |
| SM | SM Energy Co | 13.8% | $39.50 | $73.86 | 47% below | $4.5B | 13.8% | 11.5% |
| MTDR | Matador Resources Co | 13.3% | $57.52 | $202.28 | 72% below | $7.2B | 13.3% | 33.9% |
| CRC | California Resources Corp | 12.5% | $54.33 | — | — | $4.7B | 12.5% | 6.7% |
| PARR | PAR PACIFIC HOLDINGS, INC. | 11.3% | $83.42 | $237.82 | 65% below | $4.3B | 11.3% | 16.7% |
All crude petroleum & natural gas stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| EOG | EOG Resources | $158.01 | $214.02 | 26% below | $86.3B | 14.7% | 12.8% |
| OXY | Occidental Petroleum | $62.38 | $9.92 | 529% above | $62.4B | 8.5% | 8.8% |
| FANG | Diamondback Energy | $203.95 | $60.51 | 237% above | $59.0B | 6.7% | 45.1% |
| EQT | EQT Corporation | $54.30 | — | — | $33.4B | 1.0% | 22.5% |
| DVN | Devon Energy | $50.73 | $115.99 | 56% below | $32.1B | 8.8% | 22.1% |
| EXE | Expand Energy | $93.41 | $160.01 | 42% below | $22.5B | -14.5% | 4.9% |
| OVV | Ovintiv Inc. | $69.33 | $47.26 | 47% above | $18.0B | 7.7% | 10.5% |
| PR | Permian Resources Corp | $24.59 | $42.52 | 42% below | $18.0B | 5.9% | 36.1% |
| AR | ANTERO RESOURCES Corp | $38.65 | $16.88 | 129% above | $12.1B | 1.9% | 10.1% |
| RRC | RANGE RESOURCES CORP | $43.22 | $57.92 | 25% below | $10.4B | 0.7% | 11.7% |
| CHRD | Chord Energy Corp | $154.56 | $11.19 | 1281% above | $8.9B | 17.1% | 24.0% |
| MTDR | Matador Resources Co | $57.52 | $202.28 | 72% below | $7.2B | 13.3% | 33.9% |
| CRGY | Crescent Energy Co | $13.77 | — | — | — | 18.9% | 22.0% |
| VNOM | Viper Energy, Inc. | $45.02 | $126.88 | 65% below | $6.4B | 12.6% | 37.0% |
| MUR | MURPHY OIL CORP | $41.74 | — | — | $6.0B | 4.6% | 4.2% |
| CNX | CNX Resources Corp | $35.91 | $84.13 | 57% below | $5.8B | 2.5% | 1.1% |
| CRC | California Resources Corp | $54.33 | — | — | $4.7B | 12.5% | 6.7% |
| MGY | Magnolia Oil & Gas Corp | $25.35 | $58.21 | 56% below | $4.7B | 482.2% | 15.9% |
| SM | SM Energy Co | $39.50 | $73.86 | 47% below | $4.5B | 13.8% | 11.5% |
| PARR | PAR PACIFIC HOLDINGS, INC. | $83.42 | $237.82 | 65% below | $4.3B | 11.3% | 16.7% |
| CRK | COMSTOCK RESOURCES INC | $14.00 | $47.50 | 71% below | $4.1B | 7.6% | 38.0% |
| HESM | Hess Midstream LP | $30.66 | — | — | — | — | 13.7% |
| TALO | TALOS ENERGY INC. | $17.77 | $51.48 | 65% below | $3.1B | -291.4% | 23.9% |
| GPOR | GULFPORT ENERGY CORP | $166.00 | $713.47 | 77% below | $3.1B | -5.1% | 15.6% |
| NOG | NORTHERN OIL & GAS, INC. | $27.16 | — | — | $2.7B | 4.5% | 37.1% |
| BKV | BKV Corp | $22.93 | — | — | $2.0B | 9.8% | -18.6% |
| MNR | MACH NATURAL RESOURCES LP | $11.07 | $36.21 | 69% below | $1.5B | — | 31.6% |
| KOS | Kosmos Energy Ltd. | $2.78 | $12.84 | 78% below | $1.3B | -4.8% | 14.3% |
| AESI | Atlas Energy Solutions Inc. | $9.84 | $18.27 | 46% below | $1.2B | 17.2% | 58.8% |
| DEC | Diversified Energy Co | $14.83 | $152.13 | 90% below | $1.1B | -1.6% | 16.1% |
| REPX | Riley Exploration Permian, Inc. | $48.68 | $252.11 | 81% below | $1.0B | 72.3% | 63.6% |
| BSM | Black Stone Minerals, L.P. | $15.03 | — | — | — | — | 4.0% |
| INR | INFINITY NATURAL RESOURCES, INC. | $13.37 | $29.56 | 55% below | $815.0M | 2.1% | 48.2% |
| VTS | Vitesse Energy, Inc. | $18.25 | $21.26 | 14% below | $721.8M | 9.6% | 23.0% |
| TTI | TETRA TECHNOLOGIES INC | $5.32 | — | — | $719.0M | 3.0% | 0.2% |
| GRNT | Granite Ridge Resources, Inc. | $5.45 | — | — | $711.2M | 16.6% | 38.9% |
| TXO | TXO Partners, L.P. | $14.22 | $19.83 | 28% below | $707.7M | — | 13.4% |
| KRP | Kimbell Royalty Partners, LP | $16.28 | — | — | — | — | 24.9% |
| EGY | VAALCO ENERGY INC /DE/ | $6.20 | $18.60 | 67% below | $645.1M | -1273.8% | 22.1% |
| WTI | W&T OFFSHORE INC | $3.80 | $1.29 | 195% above | $563.2M | 18.5% | 2.5% |
| SD | SANDRIDGE ENERGY INC | $14.27 | $25.51 | 44% below | $526.7M | -12.3% | -9.8% |
| PNRG | PRIMEENERGY RESOURCES CORP | $206.93 | $360.72 | 43% below | $501.3M | 15.9% | 14.3% |
| TBN | Tamboran Resources Corp | $31.33 | — | — | $459.3M | -13.6% | — |
| GTE | GRAN TIERRA ENERGY INC. | $10.90 | $2.11 | 417% above | $386.3M | -9.5% | 8.4% |
| DMLP | DORCHESTER MINERALS, L.P. | $30.43 | — | — | — | — | 16.9% |
| REI | RING ENERGY, INC. | $1.37 | $11.29 | 88% below | $280.8M | 5.6% | 29.1% |
| BDCO | BLUE DOLPHIN ENERGY CO | $13.27 | $36.14 | 63% below | $198.1M | -131.9% | 5.8% |
| AMPY | Amplify Energy Corp. | $4.43 | — | — | $178.9M | -3.5% | 1.8% |
| EPSN | Epsilon Energy Ltd. | $5.97 | $1.90 | 214% above | $137.4M | 13.4% | 8.2% |
| EPM | EVOLUTION PETROLEUM CORP | $3.71 | — | — | $123.6M | 15.7% | 14.0% |
| EP | EMPIRE PETROLEUM CORP | $3.22 | $9.96 | 68% below | $109.7M | -69.0% | 84.8% |
| NUAI | New ERA Energy & Digital, Inc. | $3.11 | — | — | $88.4M | 984.9% | 20.3% |
| PED | PEDEVCO CORP | $13.69 | $6.64 | 106% above | $63.2M | 137.7% | 31.2% |
| CJAX | CoJax Oil & Gas Corp | $3.55 | — | — | $50.2M | -71.7% | 108.3% |
| RSRV | RESERVE PETROLEUM CO | $226.00 | — | — | — | 2.6% | 11.5% |
| AGIG | ABUNDIA GLOBAL IMPACT GROUP, INC. | $0.83 | $2.11 | 61% below | $27.3M | -58.9% | 10.6% |
| CKX | CKX LANDS, INC. | $10.47 | $9.97 | 5% above | $21.4M | 2.6% | -0.3% |
| MXC | MEXCO ENERGY CORP | $9.89 | $26.90 | 63% below | $20.8M | 4.8% | 13.1% |
| BATL | BATTALION OIL CORP | $1.05 | — | — | $17.3M | 12.9% | -9.8% |
| PROP | Prairie Operating Co. | $0.34 | — | — | $15.4M | -17.5% | 30.1% |
| USEG | US ENERGY CORP | — | — | — | — | -54.2% | 24.1% |
| TPET | Trio Petroleum Corp | $1.57 | — | — | $14.3M | -97.8% | 87.0% |
| NRIS | Norris Industries, Inc. | $0.13 | — | — | $14.2M | 4.7% | 7.5% |
| BRN | BARNWELL INDUSTRIES INC | $0.92 | $4.47 | 79% below | $9.2M | 27.4% | 0.3% |
| SPND | SPINDLETOP OIL & GAS CO | $4.70 | — | — | — | -2.8% | -0.2% |
| ROYL | Royale Energy, Inc. | $0.08 | — | — | $7.7M | -0.2% | 8.6% |
| OKMN | OKMIN RESOURCES, INC. | $0.03 | — | — | $5.7M | -104.3% | -37.7% |
| TRLEF | Trillion Energy International Inc. | $0.08 | — | — | — | -30.4% | -12.7% |
| EONR | EON Resources Inc. | $0.45 | $52.40 | 99% below | $2.9M | -9.7% | -25.9% |
| APHD | VERDE BIO HOLDINGS, INC. | $1.27 | — | — | $1.9M | 43.7% | 47.9% |
| GRVE | GROOVE BOTANICALS INC. | $0.00 | — | — | $298.2K | 159.1% | 37.8% |
| RKDA | Arcadia Biosciences, Inc. | $0.17 | — | — | $225.7K | 823.8% | 4.8% |
| ALTX | ALTEX INDUSTRIES INC | $0.23 | — | — | — | -5.5% | -4.8% |
| LRDC | Laredo Oil, Inc. | $0.73 | — | — | — | 31.6% | -54.3% |
| GBR | New Concept Energy, Inc. | $0.72 | — | — | $3.7K | -27.3% | -16.2% |
| BRLL | Barrel Energy Inc. | $0.50 | — | — | — | -6.5% | — |
| CRCE | Circle Energy, Inc./NV | $1.25 | — | — | — | -21.3% | — |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue