Not every trader has the patience to wait for blue-chip stocks to bring strong investment returns. This is where penny stocks can become extremely fruitful. These cheap stocks can bring investors gigantic returns in a very short amount of time.
This is thanks to their naturally speculative and volatile nature. But this can make them a risky investment, too. Making money with penny stocks can be a grueling task if traders invest aimlessly.
The best way to improve revolves around good research and carefully formulating your personal penny stocks watch list. Below, we have provided some penny stocks to watch at the beginning of the week:
Contango Oil & Gas Company (MCF)
Kicking things off is Contango Oil & Gas Company (MCF Stock Report). This company hails from the energy sector and is an oil and natural gas company. In order to maximize production and cash flow, the company acquires crude oil and natural gas properties. As of 2018, Contango has 12 wells that produce oil and gas for the company.
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The story of this energy penny stock was grim prior to September 13th. It was consistently declining the entire year. However, September 13th brought both unprecedented stock price increases and volume that had not been seen all year.
The money-making penny stock has risen 178% since then. Some news has helped propel this stock too. First, the company announced a $50 million common stock offering and concurrent private placement. Second, Contango entered an asset agreement to acquire White Star Petroleum LLC’s assets.
Just Energy Group Inc. (JE)
The second company on this list of money making penny stocks is another energy company. Just Energy Group Inc. (JE Stock Report) specializes in electricity and natural gas commodities, renewable energy, and energy solutions. Basically, Just Energy is an all-encompassing energy company. The company provides a company with its energy supply and then helps the company maximize its usage.
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The year-to-date chart for this stock is pretty boring until you get to August 15th where the stock absolutely tanked. This was due to an abysmal earnings report which decreased the likelihood of a buyout for Just Energy. Fast forward a month and a half and the stock is beginning to rally.
It has started filling the gap that was formed on the 15th. It has bounced back 117% since September 5th. The support of news regarding Snyder Trust adding to its ownership position of Just Energy of September 27th.
IntelGenx Technologies Corp. (IGXT)
I bet you were guessing a biotechnology company would make this list, well you are right. IntelGenx Technologies Corp. (IGXT Stock Report) is a biotech company focused on creating pharmaceutical oral films using its VersaFilm platform. The company currently has 11 clinical trials and one of its primary product candidates is called RIZAPORT which treats migraines.
Like Contango Oil and Just Energy, IntelGenx Technologies had one impressive September. The biotech penny stock’s price increased by 61.5% over the month. It started with the company presenting at the H.C Wainwright 21st Annual Global Investment Conference which occurred on September 9th. Towards the end of the month, IntelGenx announced its resubmission of RIZAPORT’s New Drug Application.
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KushCo Holdings Inc. (KSHB)
One company looking to further capitalize on the potential marijuana market is KushCo Holdings Inc. (KSHB Stock Report). This cannabis company is comprised of several industry-leading companies. This includes one of the largest producers of vaporizer products and packaging, Kush Supply Co. Furthermore, it owns Kush Energy which provides hydrocarbon gases and solvents to the cannabis sector.
The company’s stock price struggled throughout September, decreasing 60% on a massive drop during trading hours on September 26th. This was due to the company announcing a direct offering for shares at $1.75 per.
The direct offering was valued at $30.2 million and is expected to close relatively soon. Investors must have found this offering promising because today, on October 1st, the marijuana stock is up 11%. Could this lead to a strong and promising October for investors after that rough September?
Viveve Medical Inc. (VIVE)
To bring this list to an end we will talk about a women’s healthcare company known as Viveve Medical Inc. (VIVE Stock Report). This company offers in-clinic treatments as well as take-home products. Its clinic treatment helps generate collagen and restore tissue. The company’s take-home products help women manage their stress by providing muscle stimulation.
Similar to KushCo Holdings, Viveve’s stock price had a terrible September, dropping more than 57%. However, its start to October is looked promising at the start. The healthcare penny stock gapped up over 25% during premarket hours on October 1st. In addition, the penny stock has already tripled its average trading volume. But as you see, VIVE stock has pulled back considerably from those premarket highs.
The cheap stock had fallen all the way below $5, entering penny stock range, but is now above that threshold. This impressive jump comes thanks to the company raising $6.76 million through at-the-market financing.