On Sunday (Dec. 15), the Chinese government announced it would hold off on imposing additional tariffs on American agricultural products.
The news sparked a rally across global markets, driving the Dow Jones Industrial Average up over 130 points.
That's great news for blue-chip stocks. But it's even better news for the 10 top penny stocks to buy this week.
You see, surging market returns result in broad price movements across indexes. Thanks to their low share prices, penny stocks are able to generate substantial returns on these price movements.
In fact, last week's top penny stock, Camber Energy Inc. (NYSE: CEI), gained 166% thanks to strong market returns.
However, that's nothing compared to the top penny stock you should add to your portfolio this week.
After looking at last week's top-performing penny stocks, we'll show you a penny stock that's on track to gain as much as 362%...
| Penny Stock | ||
| Camber Energy Inc. (NYSE: CEI) | ||
| Pacific Coast Oil Trust (NYSE: ROYT) | ||
| Vistagen Therapeutics Inc (NASDAQ: VTGN) | ||
| Assertio Therapeutics Inc. (NASDAQ: ASRT) | ||
| Jason Industries Inc. (NASDAQ: JASN) | ||
| Nantkwest Inc. (NASDAQ: NK) | ||
| Trillium Therapeutics Inc. (NASDAQ: TRIL) | ||
| ContraFect Corp. (NASDAQ: CFRX) | ||
| CTI BioPharma Corp. (NASDAQ: CTIC) | ||
| CTI Industries Corp. (NASDAQ: CTIB) |
As penny stocks continue to jump on positive trade news, we're keeping an eye out for the best penny stocks to buy to cash in.
This week, we've found a penny stock that could soar as investors flock back to Wall Street.
It's a natural gas company on the verge of cornering the global market. And it's only trading for $4.54. Here's our 362% growth penny stock.
Top Penny Stock to Buy This Week
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Encana Corp. (NYSE: ECA) is a Canadian oil and natural gas company founded in 2002.
Ranked 1,408th on the Forbes Global 2000, Encana is a significant player in the North American energy sector.
In 2018, the firm's average production was 1.158 billion cubic feet of natural gas and 89.9 thousand barrels of oil per day, making it one of the most prolific producers in North America.
Currently, the firm possesses 1.7 million net acres in Canada and 1.9 million in the United States. These large land holdings are chiefly responsible for the firm's large output.
The company's immense size has put it in the perfect position to capitalize on the world's booming demand for natural gas.
According to the U.S. Energy Information Administration, natural gas consumption could grow as much as 7% over the next few years.
The company certainly has the war chest necessary to take advantage - over the last three years, Encana's profits have jumped more than 100%.
And that's why analysts see the company's stock heading to $21 - a gain of 362% over today's price of $4.54.
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