Best Penny Stocks To Buy? 5 Energy Stocks To Watch Right Now
Energy and oil penny stocks to watch right now.
If you're looking for penny stocks to buy right now, there's one sector that's red hot. Energy companies are turning heads and nearly breaking necks thanks to the volatility due to the Russia-Ukraine war. Countries are completely turning off the flow of Russian oil across the world. These constraints are pushing prices higher, and while that might not be great for your gas tank, it has done some amazing things in the stock market.
Energy Penny Stocks To Buy Under $5
- Denison Mines (NYSE: DNN)
- Sunworks Inc. (NASDAQ: SUNW)
- Gevo Inc. (NASDAQ: GEVO)
- Ocean Power Technologies Inc. (NYSE: OPTT)
- Westport Fuel Systems Inc. (NASDAQ: WPRT)
Best Penny Stocks To Buy
The price of oil has skyrocketed, and so have oil penny stocks. Now the focus has gone beyond crude, alone. The broader focus on energy has investors looking for additional opportunities. Whether it's clean fuel, green energy, or alternative power such as nuclear energy, related stocks have their time to shine. Even some electric vehicle stocks are gaining momentum.
With this clear trend in the stock market today, we're taking a closer look at a few of the energy and oil penny stocks that can be bought for under $5. Due to the heightened volatility, the choice to buy or avoid them falls on your shoulders and is based on your specific trading style.
1. Denison Mines (NYSE: DNN)
Due to the energy crisis stemming from the Russian-Ukraine conflict, nuclear power stocks and uranium miners have been in focus lately. Denison Mines is of the latter, focusing on uranium mining and storage. Following strong operational and financial results last year, the groundwork has been laid for the company to continue this growth.
In particular, Denison's Wheeler River project is of particular interest. The company completed a test program and installed a pattern of five commercial-scale wells. Thanks to an improving uranium market, Denison has outlined robust plans for 2022 that include completion milestones for Wheeler River. This includes Canadian exploration activities. Remember that Denison acquired 50% of JCU Exploration company last summer. The company holds a portfolio of a dozen uranium venture interests in Canada.
Given the state of energy penny stocks today, DNN could be one of the names to watch.
2. Sunworks Inc. (NASDAQ: SUNW)
Solar stocks have enjoyed a significant boost in action this month as well. Sunworks is no outlier either. Shares of SUNW stock have exploded over the last week to some of their highest levels in months.
This week the solar company hosts its next earnings call and releases results for Q4 and full-year 2021. In its last quarter update, Sunworks missed on EPS and sales due, in part, to supply chain challenges. However, with a focus on driving better margins in commercial and industrial divisions, it could be something traders focus on in these upcoming results. In particular, CEO Gaylon Morris explained, "As we look into 2022, we anticipate building our indirect sales channel, including adding additional partners in key geographies, and building a more robust direct sales organization."
With a stronger focus on renewables, SUNW stock could be one of the names to watch heading into its next earnings update.
3. Gevo Inc. (NASDAQ: GEVO)
Hydrocarbon company, Gevo reached new highs this week thanks to this trend in energy and oil penny stocks. Shares jumped over $4 for the first time since January as the slight bull trend from February continued in March.
The uptrend has been steadily moving since Gevo reported Q4 and full-year earnings for 2021. Over the last 12 months, the company has focused on solidifying numerous deals with energy companies, government agency-related organizations, and even agriculture companies to extend its reach. The most recent deal was with Argonne National Laboratory, a U.S. Department of Energy research center. In particular, the lab gave preliminary results of an analysis of Gevo's planned Net-Zero plant. The findings were consistent with Gevo's, and while the scientific peer-review process is ongoing, the market has remained bullish in GEVO stock.
Heading into the rest of the year, the most near-term focus is on the company's renewable natural gas facilities to begin operations. The company is expected to reach steady-state operation by next quarter and allow for Gevo to apply for credits under the federal Renewable Fuel Standard Program and the Low Carbon Fuel Standard in California. The company expects this facility to reach an EBITDA of $16-$22 million per year by 2023.
There are also plans to launch its Net-Zero 1 Project for ethanol fermentation and renewable hydrocarbon production. With the final site selection for this project expected to happen later this year, it has become another milestone on the radar for GEVO stock traders in 2022.
4. Ocean Power Technologies Inc. (NYSE: OPTT)
Alternative energy company Ocean Power Technologies Has gained for the second day in a row as energy and oil penny stocks move higher this week. The company and its PowerBuoy technology platform offer clean energy for subsea and maritime applications. Earlier this month, Ocean Power gained attention thanks to a new patent grant from the European Patent Office titled: Power Take Off System For Wave Energy Converter Buoy. This further expanded Ocean Power's IP portfolio even more.
Other than the energy industry momentum spurring higher prices for energy and oil penny stocks, there are other things to consider. The foremost is Ocean Power's upcoming earnings results next week. To give you some idea of where the company stands right now, its last round of results showed more robust year-over-year sales growth in addition to a better EPS figure.
5. Westport Fuel Systems Inc. (NASDAQ: WPRT)
It's not only energy producers gaining momentum right now. The entire supply chain has come into focus. Westport Fuel Systems provides delivery components for clean and low-carbon fuels, including natural gas propane and hydrogen. Similar to Ocean Power, Westport also has earnings coming up next week.
This will be something the market likely pays attention to considering its prior quarter's results. Westport reported weak results that missed estimates, including a swing to an EPS loss per share of $0.03 compared to the EPS of $0.01 that the Stree expected. CEO David Johnson explained that he expects "continued positive growth" in Europe, as well as growth in emerging markets, moving forward.
Energy & Oil Penny Stocks To Buy Or Avoid Right Now
There is a lot of attention on energy and oil penny stocks today. But whether we're looking at nuclear power, solar, or crude oil, for example, this is a move that directly coincides with a more significant trend. That trend is tied to the events in Russia and Ukraine right now. So if you are looking for certain penny stocks to buy, keep in mind that there are more prominent catalysts sparking extreme price extensions that may not reflect normal market conditions. In this case, it might not be a bad idea to have a clear plan laid out ahead of time.
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