If you are in the market for cheap stocks under $5 USD, then you have come to the right place. The market is full of potential, and these two stocks could be set to pop anytime soon.
Cheap Stocks: Denbury Resources Ltd. (NYSE:DNR)
Currently selling for $2.89 USD, DNR stock could be considered a steal at this price.
Just over one month ago, Denbury stock was heading towards $7. Yes, it has spent most of October in decline, but this is a stock that could easily start making gains anytime soon.
Keep in mind that Denbury Resources stock rose to $17 per share in 2014 and then fell to less than $1 in 2017. Will it be able to rise again? Perhaps it’s worth holding on to find out.
As a $2 billion US producer of oil and natural gas, the company’s fate is heavily reliant on energy prices. Energy is a hot topic as of late, and it’s hard to predict where prices will or won’t fall as we move towards a more sustainable planet. But there will always be a need for oil and gas, so any resurgence here should see Denbury stock increase further. This cheap stock offers opportunity and risk in equal measure.
Cheap Stocks: Office Depot (NASDAQ:ODP)
The office supplies sector can be a dark horse in that it can be surprisingly profitable. Analysts are expecting further revenue growth of 6% for Office Depot this year.
Currently selling at $3.26 USD, ODP is a cheap stock that is actually sitting towards the higher end of its value scale. But if you wait for a lull again— because historically, ODP has had plenty of them—then you may make a quick profit when the stock inevitably shoots back up above the $3.60 range (because historically, ODP has done that too).
What also adds to the intrigue of Office Depot stock is that one of Wall Street’s well-known hedge fund managers, David Einhorn, recently bought 2.1 million shares of ODP in Q1 through his fund, Greenlight Capital.
If he thinks they’re worth it… But the true importance lies in what you think.
Featured Image: Depositphotos/© Torian