Are These Penny Stocks On Your Watch List Right Now?
Penny stocks were back on the move this week. After an early morning rout on Monday, the market pulled an about-face by the end of the day. News that infrastructure spending would be picking up to the tune of $1 trillion and the Federal Reserves announcement that it will begin buying corporate bonds has accelerated the bullishness in broad sector stocks.
Meanwhile, even the underpinnings of more coronavirus cases are overshadowed by the fiscal policy updates. Investors weighed this early on this week, which was the initial catalyst for the pullback Monday morning.
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But that doesn’t discount the fact that investors may take this into consideration down the line. Cases are spiking again in the U.S. and even in China. Authorities in Beijing actually locked down certain neighborhoods this week to rush to ease the spread of new COVID-19 cases.
What Are The Best Penny Stocks To Watch Right Now?
Meanwhile, the U.S. President is set to ink a new executive order. Donald Trump plans to sign a police reform order on Tuesday in the wake of nationwide protests. The directive targets federal funding for police departments and a focus on police practices in general.
In light of these developments, other key sectors have begun seeing momentum as well. Oil and gas penny stocks, for instance, are starting to simmer during the first half of the week. Additionally, we’re seeing activity in biotech stocks as well. With retail sales also coming out at record levels, that could also be one of the sectors to keep track of. With this in mind, will these names be on your list of penny stocks to buy right now?
Penny Stocks To Buy [or sell]: Oasis Petroleum
Shares of Oasis Petroleum Inc. (OAS Stock Report) mounted a bit of a recovery this week. Inventories of both oil and gasoline rose early in June with the level of crude in storage hitting record levels. That was according to the Energy Information Administration.
“The oil market’s views on demand have improved with equity markets and there have been tangible signs of a recovery in oil demand in many places,” said Peter McNally, global sector lead at the investment research firm Third Bridge in New York.
In the case of Oasis Petroleum, Monday marked the first green day since OAS stock tested its 200-day moving average on June 8th. Fresh stimulus hopes have also helped boost sentiment for energy stocks. While there hasn’t been news directly from or about Oasis, when the oil and gas sector is hot, we typically see a sympathy move in one direction or the other.
In the case of Tuesday’s session, headline risk could play a bigger role considering that not only are energy stocks gaining attention but Jerome Powell will also be speaking Tuesday and Wednesday this week. Keep this in mind if OAS is on your list of penny stocks to watch right now.
Penny Stocks To Buy [or sell]: ClearSign Technologies
ClearSign Technologies (CLIR Stock Report) jumped after the market close on Monday. That move came following a big news update from the company. ClearSign announced that it received a purchase order from ExxonMobil to fabricate and install the company’s ClearSign Core™ process burners at its Baytown, Texas refinery. Obviously, oil and gas penny stocks are a focus today and ClearSign is one of the “picks and shovels” of the industry.
The installation order follows the previously announced engineering order and qualification program. That testing was an evaluation over a broad range of typical conditions, including variations in fuel heating values, turndown, and excess air. Jim Deller, Ph. D, CEO of ClearSign, “This is the culmination of a multi-year relationship that spans before my joining the company. This order is the final step in demonstrating our technology with a supermajor at its refinery.”
A month ago, ClearSign received an order from its partner, ASHCOR. The order was for the company’s ClearSign Core flare technology systems to build low NOx emission produced gas flares. The end user was said to be a “Southern California” operator, so research that for yourself and decide what speculation might be surrounding that May update.
Penny Stocks To Buy [or sell]: Party City
One of the increasingly popular retail penny stocks we’ve followed recently was Party City (PRTY Stock Report). Since late-May, PRTY stock has been on the move. With a surge in U.S. retail sales, the sentiment is high this morning. Furthermore, when looking for future catalysts for Party City, we can rule out an earnings headline risk.
The company already got that out of the way this month. As most would expect, Party City reported a Q1 net loss with declining revenue. However, with a surge of bankruptcies and closures resulting from coronavirus shut-downs, Party City has weathered the storm better than some. In its last update, the company said it had a possible deal that would reduce its debt by 25% and raise $100 million in capital.
It hasn’t been easy for retailers, especially brick and mortar. But with more cities reopening and the obvious jump in retail sales, retail penny stocks could be in focus. Will this move be a lasting one for PRTY stock are simply just a short term reason for retail stocks to jump.
Penny Stocks To Buy [or sell]: Nokia
Nokia (NOK Stock Report) is another one of the penny stocks to watch over the last few months. With 5G stocks becoming an increasingly popular topic, NOK stock has been on the move. Since its March low of $2.34, NOK stock has recovered by as much as 94% as searches for the “best 5g penny stocks” have continued to increase.
J.P. Morgan’s Sandeep Deshpande sees Nokia in a bright light. In a report, Deshpande boosted his rating on NOK stock to Overweight from Neutral. He raised his price target to $5.50, from $3.95. “With – EUR6 million [free cash flow in the first quarter,] Nokia is in a very good place to report a positive [free cash flow] for the year, which is an essential element of the company’s turnaround,” Deshpande wrote.
This week, NOK stock price is on the rise once again as shares continue to steadily creep higher. This time it comes after a new deal with a few big names in tech. On Tuesday, Nokia announced that it was awarded two contracts. These were with Tencent and Baidu and will be for data center interconnect network solutions. Obviously, these are two of the top China-based webscale operators and could be a big win for Nokia. Given this latest update, is NOK one of the penny stocks to buy or avoid in June? Drop a comment below.