Now released: 10 Canadian penny stocks to watch in August

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 Now released: 10 Canadian penny stocks to watch in August
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  • The S&P Composite Index plummeted by over seven per cent in 2022
  • Stocks of Patriot Battery stock grew by over 488 per cent year-to-date
  • PEA stocks catapulted by nearly 281 per cent so far this year

Equity investors often think of penny stocks when looking for discounted options that can generate returns in the short term. However, such investment also involves huge risk as one can lose money if penny stocks plunge.

Hence, if penny stocks are on your mind, it becomes necessary to go through business fundamentals and follow your instincts about whether to or not to park your money there.

The Canadian penny stocks discussed here surged notably in 2022, contrary to the S&P Composite Index, which plummeted by over seven per cent this year. Though economic uncertainties can keep impacting stock markets, including Canada’s market, from time to time, investors could explore the following penny stocks for some gains.

1.     Patriot Battery Metals Inc (TSXV: PMET)

Patriot is a resource miner focused on metal projects, including precious metal, base metal and battery materials. This Canadian firm had a market capitalization of C$ 259 million. Notably, this penny company reported a debt-to-equity (D/E) ratio of 0.01, which can represent a less financial risk.

PMET stock grew by over 488 per cent year-to-date (YTD). According to Refinitiv data, PMET stocks had a Relative Strength Index (RSI) value of 57.75 on Friday, July 29, which signals a moderate-to-high momentum.

2.     Pieridae Energy Ltd (TSX: PEA)

Pieridae Energy is a C$ 186-million market cap company that serves the oil and gas industry. The Canadian integrated energy service provider noted a return on equity (ROE) of roughly 56 per cent, indicating profitability. However, PEA’s D/E ratio was 47.90, denoting high financial risk.

Stocks of Pieridae Energy galloped by over 13 per cent to close at C$ 1.18 on July 29. PEA stocks have catapulted by nearly 281 per cent so far this year. As per Refinitiv information, PEA stocks had an RSI value of 56.38 on July 29.

3.     CVW CleanTech Inc (TSXV: CVW)

CVW CleanTech is a junior clean technology company providing sustainable solutions to oil sands miners. CVW said that its capital and liquidity position notably improved with cash on hand of C$ 4 million as of March 31 this year compared to Q4 2021.

CVW stock swelled by almost 238 per cent in 2022. According to Refinitiv findings, CVW stocks held a moderate RSI value of 50.59 on July 29.

10 Canadian penny stocks to buy in August

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4.     Southern Energy Corp (TSXV: SOU)

Junior oil and gas firm Southern Energy recorded an ROE of about 82 per cent, which denotes financial performance assessed by dividing its net profit by shareholders’ equity.

Stocks of Southern Energy climbed approximately 180 per cent in 2022. This penny stock held an RSI value of 50.52 (moderate level) on July 29, as per Refinitiv data.

5.     Kolibri Global Energy Inc (TSX: KEI)

Kolibri, a Canadian energy company engaged in oil and gas operations, saw its scrip jump about eight per cent to close at C$ 1.89 on July 29.

KEI stock soared by approximately 152 per cent YTD. As per data collected from Refinitiv, Kolibri stocks held an RSI value of 51.75 on July 29, which is said to be above the oversold territory of 30.

6.     Petrus Resources Ltd (TSX: PRQ)

Petrus Resources owns and runs oil and natural gas assets in Canada's Alberta. The C$ 259-million market cap company posted an ROE of over 128 per cent, which could mean high profitability.

PRQ stock rose by about 142 per cent this year. Refinitiv data suggest that PRQ stocks were on a moderate trend with an RSI value of  53.82 on July 29.

7.     Spectral Medical Inc (TSX: EDT)

Medical diagnostic and research firm Spectral is also commercializing a new proprietary platform through Dialco Medical Inc, its 100-per cent owned subsidiary, focused on the rental replacement therapy market.

EDT stock spiked by nearly 139 per cent on a YTD basis. As per Refinitiv, EDT stocks saw an RSI value of 63.6 on July 29, which points to moderate-to-high momentum in the market.

8.     New Stratus Energy Inc (TSXV: NSE)

New Stratus is a junior resource firm with oil and gas properties in Colombia, Peru, Ecuador and Venezuela. The stock of New Stratus surged by about 112 per cent in 2022.

According to Refinitiv, NSE stocks recorded an RSI value of 67.52 on July 29, near to the overbought territory of 70.

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9.     AKITA Drilling Ltd (TSX: AKT.A)

AKITA Drilling reported a year-over-year (YoY) increase of 66 per cent in revenue to C$ 44.98 million in Q1 2022. The drilling firm serving the oil and gas industry saw its stock jump by roughly 109 per cent in 2022. According to Refinitiv, AKT.A stock had an RSI value of 51.42 on July 29.

10.  Atlas Salt Inc (TSX: SALT)

Atlas is focused on the advancement of the Great Atlantic Salt project. In addition, this basic materials company is also involved in the production of gypsum mines, renewable energy storage and nepheline discovery.

Stocks of Atlas Salt grew by nearly 99 per cent this year. SALT stock seems to be on an upward trajectory with an RSI value of 74.48 on July 29, which shows high momentum, according to Refinitiv data.


These Canadian penny stocks have outperformed the TSX benchmark index this year. Hence, investors could consider exploring the TSX and TSXV stocks mentioned above.

However, one should also thoroughly investigate all companies and their financial soundness to correctly assess the risks involved and avoid losses.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.


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