Energy Penny Stocks To Watch Right Now
The come-up that Robinhood has seen, especially from penny stock traders, is unlike most brokers had seen during their early years. Over the last year, millions of new market participants chose the app for its seemingly easy accessibility to buying and selling shares of companies. Throughout the pandemic, energy penny stocks have continued to see bullish momentum. When Covid first hit last year, the energy industry as a whole took a large dive. This made sense given fewer people were traveling, and more were at home than in many years prior. Since that time, however, many aspects of the energy industry have changed fundamentally.
This includes the election of President Biden, who has promised to bring America toward renewable energy. This sentiment has resulted in vastly increased interest in everything from solar to hydrogen power and more. Additionally, as vaccine efforts have risen, more people are beginning to travel and resume daily life. With the rejoining of the Paris Climate Accord, it looks like renewable energy is becoming a reality right now.
While infrastructure is still needed to make it a permanent solution, oil, gas, and coal are still primary energy sources. According to a report done by Deloitte, “renewable growth may accelerate in 2021, as the new administration starts to execute on a platform that includes rejoining the Paris Climate Accord, investing $2 trillion in clean energy, and fully decarbonizing the power sector by 2035 to achieve a larger goal of net-zero carbon emissions by 2050.”
The focus on renewables has also turned attention to the energy industry’s current state, oil and gas included. Right now, the markets have experienced significant volatility. But it looks like the Robinhood retail crowd has begun setting their sites on penny stocks that this week’s sell-off hasn’t impacted.
Energy Penny Stocks On Robinhood to Watch
Robinhood Penny Stocks To Watch #1. W&T Offshore Inc.
W&T Offshore is one of a handful of companies that recently released Q4 2020 results. Before we get into them, let’s take a look at W&T for its business model. W&T is an offshore oil and natural gas producer. The company works mostly out of the Gulf of Mexico, but it has operations spanning 51 offshore fields around the U.S. This includes an interest in 146 structures that are offshore. In its Q4 report, the company posted a loss per share of $0.05.
This is much better than the analyst estimate of a $0.13 loss per share. A year ago, W&T pulled in losses of $0.17 per share, indicating the company is working on getting profitability on track. W&T also posted $94.75 million in revenue, which beat estimates by over 15%. This brings its full-year revenue to over $347 million. Additionally, the company expects to produce roughly 38,000 to 42,000 barrels of oil…