Oil Penny Stocks: MCEP Stock Could Win Big If Oil Prices Climb Further

Penny Stocks

Some people think penny stocks are for amateurs. Pfff! I would never snub a potential winner just because it falls under the $5 per share mark. Penny stocks might be the cheapest, but they can also be the trickiest. With big risk, though, springs big reward.

Penny Stocks in Oil and Gas

Mid-Con Energy Partners (NASDAQ:MCEP) is a penny stock company that has begun 2019 with a nice steady climb up the charts. Selling for $1.00 USD at the time of writing, MCEP stock has jumped from $0.74 on December 31st, to its current selling price today. That’s about a 25% gain in one week.

Based in Tulsa, Oklahoma, Mid-Con is an upstream oil and natural gas producer. As an exploration and production company, its success rides heavily on the price of oil.

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So the fact that oil began climbing at the start of 2019 has meant only good things for the MCEP penny stock; it’s climb isn’t just coincidental.

Oil Price Helps MCEP

Oil has gained nearly 12% since last Monday, which has been its biggest week-on-week rally in two years. As of today, it is now selling for $58.45 a barrel.

It has been a much-needed turn around for the commodity; oil prices fell to their lowest levels of under $50 per barrel in 2018. 

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But if oil prices can continue to climb back up, MCEP stock should climb with it. Looking back on Mid-Con’s history, the company’s shares have literally mirrored oil prices. So this is the question: Do you believe oil is about to explode again? If so, this is the penny stock for you!

Penny Stocks in Oil: Speculative

As the company’s revenue depends so much on the cost of oil, MCEP is a speculative penny stock. For example, stock stayed above $20 per share when oil traded above $100 per barrel back in 2013.

So you do the math. If oil prices climb, MCEP stock may just hit those high levels once again. This is why it’s a good one to keep on your radar.

Featured Image: Depositphotos © valphoto