Key Highlights

  • Energy Minerals stocks gained 12.70% over the past month as screened on October 23, 2026, and 68.41% year to date.
  • HighPeak Energy rose 50.83% to $11.75 and Empire Petroleum rose 44.39% to $3.22 over the past month.
  • Riley Exploration Permian gained 26.73%, Granite Ridge Resources 25.93% and Petrobras 23.85% over the same month.
  • The five-stock average one-month gain is 34.35%, or 21.65 percentage points above the sector (calculated).
  • Third-quarter reports are expected from November 4 to November 10, with Petrobras on November 10.

Which Energy Minerals Stocks Gained the Most Over the Past Month as of October 23, 2026?

Energy Minerals stocks gained 12.70% as a sector over the past month as screened on Friday, October 23, 2026, and five names beat that pace by wide margins. HighPeak Energy (NASDAQ:HPK) rose 50.83% to $11.75 after a $450 million convertible preferred investment and a new $800 million credit facility. Empire Petroleum (NYSEAMERICAN:EP), a penny stock at $3.22, rose 44.39% with no company announcement behind the gain. Riley Exploration Permian (NYSEAMERICAN:REPX) added 26.73% to $51.70 on a dividend increase and a production ramp. Granite Ridge Resources (NYSE:GRNT) gained 25.93% to $5.78 as crude firmed, and Petrobras (NYSE:PBR) rose 23.85% to $26.20 on an oil discovery, an LNG deal and a Brazilian equity rally.

Crude is the common thread. West Texas Intermediate crossed $100 on Friday, October 16 for the first time since September 21, and Brent futures settled near $111.70 on Thursday, October 22. The sector is also up 19.55% over three months and 68.41% year to date.

HighPeak Energy: What Drove a 50.83% Monthly Surge Beyond Oil Prices?

HighPeak Energy, a Midland Basin oil producer based in Fort Worth, Texas, rose 50.83% over the past month, 15.88% over the past week and 4.82% on October 23. On September 17 a report said the company was exploring a sale after takeover interest, and shares rose about 8% that day. On October 6 it announced that a sovereign fund of Indonesia and an Indonesian upstream company would invest $450 million in Series A 6% perpetual convertible preferred stock, convertible at $9.50 per share.

A new $800 million reserve-based credit facility is meant, with the investment proceeds, to repay a $1.17 billion term loan in full. At $11.75 the shares trade about 23.7% above the conversion price, and full conversion would equal about 47.4 million shares, both calculated. Trailing revenue is $862.88 million, down 17.3%, against a market value near $1.42 billion. Third-quarter results are expected around November 4, and the investment is expected to close in the fourth quarter.

Empire Petroleum: Why Did a Penny Stock Gain 44.39% Without Company News?

Empire Petroleum, a Tulsa, Oklahoma producer with assets in Texas, North Dakota, Louisiana and New Mexico, closed at $3.22, up 44.39% over the past month, down 2.13% over the past week and flat on the day. No company announcement explains the gain. The filings show a $350 million mixed securities shelf from early September, about 2.5 times the $138.95 million market value (calculated), and a shelf registers capacity to sell securities without raising money by itself.

Second-quarter production averaged 1,825 barrels of oil equivalent per day, down 23% from a year earlier, and the net loss was $1.9 million. Cash was about $3.1 million at June 30, with about $2.0 million of credit facility availability. Third-quarter results are expected around November 5, and any use of the shelf or of the at-the-market program, which allows up to $7.5 million of sales, is the item to follow.

Riley Exploration Permian: Is a Production Ramp Behind the 26.73% Gain?

Riley Exploration Permian, an Oklahoma City producer in the Permian Basin of Texas and New Mexico, rose 26.73% over the past month, 8.90% over the past week and 1.16% on October 23. The quarterly dividend was raised 5% to $0.42 from $0.40 per share on October 14, and third-quarter oil output is guided to 25.1 to 26.1 thousand barrels per day, up from 21.2 thousand in the second quarter. Targa Resources (NYSE:TRGP) is building gathering and trunkline capacity in Eddy County, New Mexico, expected in service in the fourth quarter.

Second-quarter revenue was $166 million, nearly double the $85 million of a year earlier, and debt of $273 million equaled 1.0 times adjusted EBITDAX. Research firms lifted targets around October 22, one to $57 from $41 and another to $60 from $45. Hedges limit the upside from crude near $100. The new dividend has an ex-dividend date of October 28, and third-quarter results are expected around November 4.

Granite Ridge Resources: What Is Behind the 25.93% Rebound?

Granite Ridge Resources, which holds non-operated working interests in wells across the Permian, Appalachian and other basins, rose 25.93% over the past month, 12.02% over the past week and 2.30% on October 23. No company announcement explains the move, since the company only scheduled its third-quarter call on October 5. Crude is the clearest driver, and a research firm lifted its target to $11 from $9 around October 21.

Second-quarter oil and gas sales rose to $149.3 million from $109.2 million, helped by a realized oil price of $93.93 per barrel before derivatives against $61.41 a year earlier. Net debt was $418.0 million, or 1.4 times trailing adjusted EBITDAX, with $293.8 million of liquidity. A holder of about 50% planned an in-kind share distribution to its fund's partners in the third quarter, from which Granite Ridge receives no proceeds. Results are expected around November 5, with the call on November 6.

Petrobras: Which News Lifted the Shares 23.85% in a Month?

Petrobras, the Brazilian state-controlled oil producer, rose 23.85% over the past month, 1.97% over the past week and 2.24% on October 23. On October 2 it reported a new oil discovery off the coast of Amapa in the Equatorial Margin, though volumes were not given. Cheniere Energy (NYSE:LNG) signed a 22-year LNG supply agreement with the company on September 29 and 30, and TechnipFMC (NYSE:FTI) was awarded a flexible pipe contract on October 7.

Brazilian equities also rallied after the country's early-October election result. Market value is about $157.98 billion, trailing price-to-earnings is 6.26 and trailing revenue is $105.87 billion, up 11.2%. The dividend is $1.18 per share, and third-quarter results are due on November 10.

Energy Minerals Gainers Compared: How Far Did Each Stock Beat the Sector?

Against the sector's 12.70% one-month gain, the spreads are 38.13 percentage points for HighPeak Energy, 31.69 for Empire Petroleum, 14.03 for Riley Exploration Permian, 13.23 for Granite Ridge Resources and 11.15 for Petrobras, all calculated. The five-stock average one-month gain is 34.35%, or 21.65 points above the sector (calculated). HighPeak Energy's gain is about 4.0 times the sector's and 26.98 points above Petrobras's (calculated).

One-week moves differ widely. HighPeak Energy gained 15.88% and Granite Ridge Resources 12.02%, against 2.19% for the sector, while Empire Petroleum fell 2.13%. The sector's one-month gain equals about 65% of its three-month gain of 19.55% (calculated).

What to Watch Next: Third-Quarter Reports From November 4 to November 10

HighPeak Energy and Riley Exploration Permian are expected to report around November 4, Empire Petroleum and Granite Ridge Resources around November 5, and Petrobras on November 10. Riley's ex-dividend date is October 28. Other dated items include the closing of HighPeak's preferred investment in the fourth quarter, any outcome from its sale exploration, Empire's use of its shelf, the fourth-quarter start of Riley's pipeline capacity and Petrobras's Equatorial Margin programme. Crude near $100 remains the shared variable.