When it comes to investing in penny stocks, it may be a great idea for investors to actually look at sectors, first. One of the sectors to track is energy. That’s especially true right now due to geopolitical strife we’ve seen in the market lately.
The price of oil rose significantly on Wednesday. This followed an excellent supply data report on top of a report of brewing storms in the Gulf of Mexico. Brent crude price touched $65.98 at one point yesterday. Keeping this in mind, here is a look at a list of the energy penny stocks to watch in July.
Energy Penny Stock #1: Noble Corporation
One of the notable energy stocks that jumped sharply was Noble Corporation PLC (NE Stock Report). This followed the surge in oil prices earlier in the week. NE stock was beaten down for many years. This was due to falling oil prices and its impact on the company’s expensive offshore projects.
The rise in oil price yesterday was obviously a huge boost for Noble. Additionally, it came just at the right time. It’s not likely that Noble figures out a way to take care of their debt in the short term.
Energy Penny Stock #2: Chesapeake Energy Corporation
Chesapeake Energy Corporation (CHK Stock Report) was the other major gainer due to the rally in oil prices. The energy penny stock gained as much as 5.5% yesterday. Chesapeake remains one of the biggest natural gas producers in the United States. Although it has slipped from 2nd to 6th in that ranking, the company remains a name to be reckoned with.
CHK stock price decline is primarily due to a move towards the drilling of oil wells and extensive sale of assets. However, the move towards oil wells is also the reason why the stock has gone up now.
Energy Penny Stock #3: Energy Services Corp
Another big energy penny stock mover in July was Pioneer Energy Services Corp (PES Stock Report). Its share price soared by 15.5% following the appointment of Tamara Morytko to its board of directors. Morykto has extensive experience across a range of industries.
This ranges from the aerospace industry to the oil industry. Investors believe that her appointment is a big positive for the company and that could explain the rise in PES stock price.