10 Top Penny Stocks to Watch This Week - and One You Need in Your Portfolio

With over 2,800 stocks trading on the NYSE and the Nasdaq for under $5 a share, finding the top penny stocks to watch can be overwhelming.

In order to help Money Morning readers find the best penny stocks, we'll start by looking at last week's top-performing penny stocks.

And since last week's performers might not keep soaring, we'll show you a penny stock that's on the verge of breaking out, so you can get on board early.

Here are last week's top-performing penny stocks:

Penny Stock Sector Current Share Price Last Week's Gain
Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) Consumer Goods $4.39 259.84%
Gridsum Holding Inc. (NASDAQ: GSUM) Technology $4.32 108.70%
Sky Solar Holdings Ltd. (NASDAQ: SKYS) Utilities $1.08 89.47%
Conformis Inc. (NASDAQ: CFMS) Healthcare $1.26 75.00%
Ideal Power Inc. (NASDAQ: IPWR) Industrial Goods $0.52 56.73%
ADMA Biologics Inc. (NASDAQ: ADMA) Healthcare $4.22 52.35%
CAS Medical Systems Inc. (NASDAQ: CASM) Healthcare $2.41 51.57%
Arcimoto Inc. (NASDAQ: FUV) Consumer Goods $4.88 50.15%
Adomani Inc. (NASDAQ: ADOM) Consumer Goods $0.38 49.94%
Huttig Building Products Inc. (NASDAQ: HBP) Services $3.41 47.62%

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As you can see, only two stocks generated triple-digit returns last week. However, we've found another penny stock that's on the verge of breaking a 100% gain.

In fact, our top penny stock to buy this week could rise just over 170%.

It's an oil company riding increasing global demand to sky-high profits.

And it's only trading for $2.33...

Our Top Penny Stock to Watch This Week

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Advantage Oil & Gas Ltd. (NYSE: AAV) is a Canadian energy company based in Calgary. Operating drilling sites across British Columbia and Saskatchewan, Advantage produces roughly 35,000 barrels of oil per day.

Thanks to the company's efficient extraction and distribution network, Advantage also produces great returns for its investors. Last February, Advantage reported a profit margin of 29%, crushing the industry average of 6.1%

Like the international oil industry, Advantage is poised to benefit from a wave of economic stimuli driving demand in the oil industry.

Economic sanctions on Iran, political instability in South America, and increasing global trade uncertainty are driving oil prices through the roof and have driven demand for Canadian oil to new highs.

Last summer, West Texas Intermediate (WTI) crude futures hit $72.72 a barrel, their highest level since 2014. Meanwhile, SPDR S&P Oil & Gas Exploration & Production ETF (NYSEArca: XLE) is now outpacing the performance of the S&P 500.

Increased demand is having a huge impact on Canadian oil output. In fact, after three years of struggling to generate a profit, the Canadian oil industry is expected to produce $1.4 billion in profit this year thanks to rising global demand. In fact, oil prices are already up 30% on the year.

This demand increase is sure to show up in Advantage's bottom line. That's why analysts have given Advantage a price target of $6.50 - a 178% increase over today's price of $2.33.

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