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Highlights
- Stocks under 50 cents sound cheap. However, some Canadian stocks that are low priced may be worthy of your money and time.
- Many freshers in the stock market look for quality stocks at bargain prices, that have the potential to evolve into something big in the coming years.
- An energy stock listed here zoomed by roughly 255 per cent year-to-date.
Stocks under 50 cents sound cheap. However, some Canadian stocks that are low priced may be worthy of your money and time. Freshers in the stock market tend to look for quality stocks at bargain prices, which have the potential to evolve into something big in the coming years.
So let us discuss five Canadian penny stocks keeping in mind their growth potential and return capabilities.
1. Questerre Energy Corporation (TSX:QEC)
Questerre Energy Corporation recorded an average daily production of 1,363 barrels of oil equivalent per day in the third quarter of fiscal 2021.
The Calgary, Alberta-based energy technology provider and innovator reported petroleum and natural gas sales of C$ 7.4 million in the latest quarter compared to C$ 5.4 million in Q3 FY2020.
The energy company, which posted a return on equity (ROE) of 33.80 per cent, saw its scrip close at C$ 0.23 apiece on Friday, December 31, 2021.
The QEC stocks returned roughly 59 per cent on a month-to-date basis.
Also read: 5 Canadian stocks to buy for the New Year
2. Forza Petroleum Limited (TSX:FORZ)
Forza Petroleum Limited generated net cash of C$ 13.9 million from operating activities in the third quarter of fiscal 2021 against C$ 3.6 million in the same quarter a year ago.
The Canadian energy firm posted revenue of C$ 48.7 million in the third quarter of fiscal 2021.
The FORZ stock closed at C$ 0.16 apiece on December 31, 2021. The oil and gas stock rocketed by over 146 per cent in the last year.
3. Petroteq Energy Inc (TSXV:PQE)
An integrated oil and gas company Petroteq Energy Inc inked a non-exclusive, non-transferrable licensing agreement with New York-headquartered company Big Sky Resources LLC, to use its proprietary oil sand extraction technology.
The PQE stock closed at C$ 0.195 apiece on December 31, 2021, and zoomed by roughly 255 per cent year-to-date.
Also read: 5 Canadian sectors that outshone in 2021
4. NextLiving Communities Inc (TSXV:NXLV)
On December 22, NextLiving Communities Inc acquired 156 units in Riverview, New Brunswick, for a transactional amount of C$ 21.3 million. The real estate firm also paid a quarterly dividend of C$ 0.001 apiece on December 31, 2021.
Stocks of NextLiving closed at C$ 0.23 apiece on December 31, 2021, and gained by about 21 per cent in the past nine months.
5. Star Diamond Corporation (TSX:DIAM)
Saskatoon-headquartered natural resource company Star Diamond Corporation, as of November 10, 2021, held cash and cash equivalents amounting to C$ 1.7 million.
The DIAM stock closed at C$ 0.305 apiece on December 31, 2021, and it jumped by over 69 per cent month-to-date.
Image source: ©2022 Kalkine Media®
Bottom line
Investors may harness significant gain in the future by investing in quality Canadian penny stock companies (market capitalization between C$ 60 million to C$ 300 million), which are actively catching up with market dynamics and exploring significant opportunities.
Also read: 5 Canadian dividend stocks to buy in 2022
