It's no secret that this was a great year for stocks. The Dow grew over 22% higher as stocks punched through all-time highs. But it's been an even better year for oil prices. Oil is up 33% on the year with no slowdown in sight.
And we're going to take advantage of it with the perfect penny stock to buy before the media realizes what's going on.
We'll talk more about this penny stock right after we look at the 10 top penny stocks to watch this week.
As you can see in the table below, these penny stocks exploded for double- and triple-digit gains over the last week of trading. And our best penny stock to buy this week offers the same upside. In fact, it could pop 169% higher...
|Penny Stock||Current Share Price||Last Week's Gain|
|Lilis Energy Inc.
|Oncolytics Biotech Inc.
|Pintec Technology Holdings Ltd. (NASDAQ: PT)||$1.95||132.14%|
|FuelCell Energy Inc.
|Mereo BioPharma Group Plc. (NASDAQ: MREO)||$2.48||95.61%|
|Invivo Therapeutics Holdings Corp.
|China Rapid Finance Ltd.
|Iterum Therapeutics Plc.
|Proteostasis Therapeutics Inc
While these returns are calculated from Monday (Dec. 23) to Monday (Dec. 30), you can see the massive potential of investing in penny stocks.
That's why we're so excited about this week's top penny stock to buy.
Using the Money Morning Stock VQScore™, we found a penny stock that's riding the oil rally to new heights.
This penny stock has a VQScore of 4.8, putting it at the top of our "Buy Zone."
It's clear why - this stock is on track to deliver triple-digit gains as oil prices keep rising. And it's only trading for $4.82...
The Top Penny Stock to Buy This Week
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Callon Petroleum Co. (NYSE: CPE) is a petroleum and natural gas exploration firm based in Houston, Texas.
With most of the company's drilling operations based in the Permian Basin, the firm has been cashing in on the global boom in demand for American oil exports.
And that's not slowing down anytime soon. According to analysts at World Oil, oil drilling is expected to rise by 2.7% in 2020, outpacing 2018's growth of 2.5%.
And this kind of aggressive growth is fuelling Callon's bottom line. Callon's profits more than doubled between 2017 and 2018.
In addition, the firm is paying close attention to the growing demand for sustainable energy production.
In 2019, Callon joined the Environmental Partnership Organization - an oil industry project focused on reducing the environmental impact of oil and gas production.
With an emphasis on the long-term environmental impact of the energy industry, it's clear that Callon is focused on ensuring their business - and profits - are sustainable long into the future.
Currently, Callon trades for $4.82 a share. However, with significant profit catalysts on the horizon, analysts see the company's stock jumping to $13 a share - a 169% leap over today's share price.
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