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Highlights
- Penny-cap companies, in general, are considerably young players with limited capital.
- While in some cases the companies can go on to significantly grow their business, the constrained funds is also likely to place them in a volatile space on the stock markets.
- An energy player listed here has returned more than 1,016 per cent in the last one year.
Penny-cap companies, in general, are considerably young players with limited capital. While in some cases the companies can go on to significantly grow their business, the constrained funds is also likely to place them in a volatile space on the stock markets.
Investors who seek cheap and relatively quicker investment options often go with penny stocks. However, the task here is to be able to sift the few healthy ones from the lot.
Some Canadian penny stocks discussed here have seen their stock prices rise substantially over the past year. Let us jump in.
1. Forza Petroleum Limited (TSX:FORZ)
Forza Petroleum said that it more than doubled its revenue to US$ 48.7 million in Q3 FY2021, which was up from that of US$ 22 million a year ago.
The Calgary-based petroleum company also reported a profit of US$ 7.6 million in Q3 FY2021.
Also read: BMO & RBC (RY): 2 TSX dividend stocks that can boost your passive income
The oil and gas company has capped US$ 81 million for its 2022 capital expenditure budget, mainly for the Hawler license area.
Stocks of Forza Petroleum climbed roughly 13 per cent on Thursday, February 3, to close at a value of C$ 0.315 apiece. The petroleum stock rocketed by approximately 232 per cent year-over-year (YoY).
Image source: © 2022 Kalkine Media®
2. Journey Energy Inc (TSX:JOY)
Journey Energy’ net income rose to C$ 92.24 million in Q3 FY2021, as compared to a net loss of C$ 8.03 million a year ago.
The energy firm said that it expects its average daily sales volume to reach somewhere between 8,200 and 9,000 barrels of oil equivalent per day (boe/d) in 2022.
Journey, with an ROE of roughly 976 per cent, saw its stock close at C$ 4.13 apiece on Thursday. The energy stock has returned more than 1,016 per cent in the last one year.
Bottomline
In cases where a penny-cap company is able explore and achieve in growth opportunities in the market, they can see their stock prices grow substantially.
At the same time, investors can also lose their hard-earned money with investments in wrong penny stocks.
Thus, one should be aware of their risk level and invest accordingly in penny stocks.
Also read: Saputo (SAP) & Loblaw (L): 2 TSX stocks for you as milk prices rise
