Are These Penny Stocks On Your List Right Now?
Penny stocks are once again at the center of attention among day traders this week. The thought of quick gains and uncapped potential has become a draw. The election is roughly two weeks away and several sectors are experiencing strong momentum right now. This includes tech, health care, as well as energy and mining penny stocks taking off during the first half of the week this week. In light of this, we should look at different fundamentals that typically drive momentum in these respective sectors.
First, tech and healthcare tend to be hot topics of discussion regardless of election years. The “cutting edge” is always something that attracts investor interest. Whether it’s the next game-changing therapy or new technology for a connected world, healthcare and technology tend to go hand-in-hand. When it comes to mining stocks – things like gold, silver, etc. – are sought after as safe-haven investments. Obviously right now, aside from all of the stimulus money flowing, we’re still seeing contracting global economies to some extent. Meanwhile, the current environment for rates is still incredibly skewed.
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Typically speaking, lower or even no-rate environments aren’t ideal for things like fiat currency. In this case, the “value” proposition presented by things like silver and gold become more evident. What’s more, is that these precious metals are also optimal for things like manufacturing. So, given the state of the current market and these sectors, it might not be bad to keep certain penny stocks on your watch list right now.
Penny Stocks To Watch Before November: Walcott Resources, Ltd.
Walcott Resources, Ltd. (OTC : WALRF Stock Report) (CSE : WAL) has just begun trading in the U.S. However, prior to this, the CSE was its “home”. One of the big points of focus on Walcott comes from what the company recently announced. The company closed the acquisition (the “Transaction”) of 60% of the issued and outstanding shares of 1256714 B.C. Ltd. What this transaction means for Walcott is “access”. Specifically, access to two prospective silver-zinc projects in Australia. These include the Tyr Silver Project and the Century South Silver-Zinc Project.
Tyr Silver Project in northern New South Wales has two historic silver mines – Burra and Torny – with potential for high-grade silver zinc-lead-tin mineralization. Furthermore, the Century South Silver-Zinc Project is in a highly prospective region and is along strike from one of the world’s largest silver-zinc mines.
While Mexico has long been known as a top silver producing country, the untapped potential could truly rest within 3 countries. According to data from Statista, Peru, Poland, and Australia are the top 3 countries holding the largest silver reserves in the world.
While Walcott is newer on U.S. exchanges, it has a strong history on the CSE this year. Since mid-August, shares of WAL stock have managed to climb 200%, leading up to these recent developments. Due to these latest catalysts and overall trend, Walcott could be one of the mining penny stocks to watch right now.
Penny Stocks To Watch Before November: Camber Energy
If you’ve been a reader of PennyStocks.com for a while now, you’re familiar with Camber Energy (CEI Stock Report). While energy penny stocks have been heating up recently, there are other things going on with Camber, fundamentally, that has garnered more attention recently. The biggest focus for Camber was on its pending acquisition with Viking Energy Group. It’s been an ongoing process that the company has undertaken and still remains outstanding. However, comments made by management have shed a bit more light on the timing of the proposed completion of this deal.
Earlier this month, the companies announced that they were currently working to finalize an amendment to Camber’s Registration Statement on Form S-4. Camber said it planned to file early last week, to respond to customary Securities and Exchange Commission comments.
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As the market remains in waiting mode, CEI stock spiked once again this week. Shares have been in a slight downward trend over the last few days. However, with this renewed interest in energy penny stocks and the pending merger, will CEI take a place on your watch list before November?
Penny Stocks To Watch Before November: Gulfport Energy
As discussed above, energy penny stocks have been very active recently. In the case of Gulfport Energy (GPOR Stock Report) however, its high volume has been mostly selling volume. Since October 8th, GPOR stock experienced significantly higher levels of trading activity and shares dropped hard from over $0.70 to under $0.25 this week. On Tuesday, however, the energy penny stock aggressively turned around.
As with many energy companies right now, Gulfport focused on working through financial hardships to stay afloat during COVID. Last week the company announced that it elected to enter into a 30-day grace period and defer making interest payments related to certain unsecured notes.
Obviously, this week energy stocks are becoming a stronger focus. As such, many of the beaten down names could be back in the spotlight. With GPOR stock’s recent surge, can this momentum continue or will it fade once again?
Penny Stocks To Watch Before November: New Gold Inc.
New Gold Inc. (NGD Stock Report) is another one of the mining penny stocks to watch. Obviously, gold has long been a safe haven investment. However, it’s also worth noting the historical market trends during times like these. When gold moves higher or is in a bullish trend, the smaller names tend to climb faster. Obviously, lower prices need less movement to see larger returns. In the case of NGD, compared to companies like Barrick Gold (GOLD Stock Report), for instance, a 20 cent move for NGD equates to a 10% jump. In the case of Barrick Gold stock, 20 cents is nominal.
Needless to say, New Gold stock has taken off yet again on Tuesday. Gold and silver prices exploded amid continued uncertainty surrounding potential stimulus actions. Furthermore, New Gold recently debuted strong results for its third quarter, last week. The company gave an operating update and reaffirmed annual production guidance.
“As we enter the final quarter of the year, we will continue to build on the progress made during the year as we position the Company for the future and deliver free cash flow generation beginning in 2021.”
Renaud Adams, CEO of New Gold
Total production for the third quarter was 115,536 gold equivalent ounces (78,959 ounces of gold, 171,825 ounces of silver, and 18.2 million pounds of copper). Furthermore, at the end of the quarter, the Company had a cash position of $415 million and a liquidity position of approximately $720 million, based on its amended credit facility.
