Best Penny Stock to Buy Today for 417% Upside This Summer

U.S. Federal Reserve Chair Jerome Powell was on "60 Minutes" last night. He said the road ahead would be tough, but that we're not headed for a second Great Depression.

This is a 417% boon for our best penny stock to buy today.

Investors sighed with relief at Powell's report. The Dow Jones Industrial Average climbed more than 3% by noon. That's more than 800 points.

But the question that's been on everyone's mind since the beginning is still, "How long before it's over?"

Moderna Inc. (NASDAQ: MRNA) also announced progress on a coronavirus vaccine to start the week. Its vaccine successfully produced antibodies in all 45 trial participants.

Now, investors have been given an answer to how bad the market crash will be. They also have a glimpse at when the market may start to recover. Moncef Slaoui, former CEO of GlaxoSmithKline Plc. (NYSE: GSK) has admitted a vaccine by January 2021 is "very aggressive" but a "credible objective."

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As a result, industries that have been pummeled by the coronavirus crash are now getting some life. Along with these positive developments, stocks in this industry tend to do well in summer anyway...

We're talking about oil. Here's why you can expect oil penny stocks to get a bump over the next few months. We'll even show you one of our best penny stocks to buy with 417% potential...

Why Oil Penny Stocks?

Oil prices have taken a serious beating from the pandemic. The price of oil even went negative for the first time ever in April.

The Organization of Petroleum Exporting Countries had scrambled to reduce supply and stabilize the price in response. But they had a supply disagreement with Russia. This resulted in a price war that sank oil prices even further down.

WTI Crude lost as much as 81% of its price from January 1 to April 21.

This brought many oil stocks to penny stock price levels that were not seen previously. But this week, we have some positive catalysts in place.

Oil stocks could start climbing once again in the summer months - that's peak "driving season." This coincides with potential in travel stocks as lockdowns are lifted.

Words from Fed Chair Jerome Powell and news of a COVID-19 vaccine will push the broader market further into positive range. And as always, penny stocks stand to gain the biggest percentages from broad market moves.

One of our top penny stocks trading in the oil industry could earn you 417%...

The Best Penny Stock to Buy Now

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Crescent Point Energy Corp. (NYSE: CPG) got a 25% pop on Monday as the broad market soared. But that's just the beginning for this stock in 2020.

If Fed Chair Powell is right, and if a successful COVID-19 vaccine is underway, it could be great for oil stocks this year.

Crescent hovered around the $4.50 mark to start the year. But the oil crisis led the stock to tank 86% by mid-March.

But you should look at this as a giant discount...

This stock has been dragged down by broad market forces. But it's clearly been fighting back, up 145% since the drop.

The company has been working relentlessly to adjust its balance sheet for the current crisis. Its latest quarterly report says it lowered capital spending by 40% in response to COVID-19. It also lowered its production guidance for the year.

So the company has been able to sustain its share price. Right now, it trades at $1.57. But as the oil industry begins to kick up again in the summer, analysts give this stock a 12-month target of $8.85.

That's 417% profit potential for today's investor.

Action to Take: The oil sector is getting a boost from positive coronavirus vaccine developments. Fed Chair Jerome Powell has also said the economic impact of the crisis won't reach the Great Depression levels feared by many others. These are all good signs for our best penny stock today. It's an oil stock trading for $1.57. Analysts believe it could hit $8.85 by the end of the year. Grab it now for 417% profit potential.

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About the Author

Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.

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