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What are the best penny stocks to buy now in 2022?

Using our proprietary algorithm, we searched the TSX, NYSE and Nasdaq to find the 10 best penny stocks to buy now.

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Finder’s list of the best penny stocks in Canada and the US is based on the results of our proprietary ranking system. Our ranking of the best penny stocks to buy now is a starting point for your own research and should not be taken as advice to buy any particular stock

10 best penny stocks to buy now in Canada and the US

Tamarack Valley Energy Ltd. logo

Tamarack Valley Energy Ltd. (TSX: TVE)

Tamarack Valley Energy acquires, explores, develops and produces crude oil, natural gas and natural gas liquids in the Western Canadian sedimentary basin.

  • Market cap: CAD$1.853 billion
  • YTD performance: 9.61%
  • 1 year performance: 96.28%
  • 5 year performance: 286%
  • P/E ratio: 5.86
Buy TVE on CIBC Investor's Edge

Athabasca Oil Corporation logo

Athabasca Oil Corporation (TSX: ATH)

Athabasca Oil Corporation explores, develops and produced light and thermal oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada. The company operates through Thermal Oil and Light Oil segments.

  • Market cap: CAD$1.483 billion
  • YTD performance: 113.45%
  • 1 year performance: 257.75%
  • 5 year performance: 221%
  • P/E ratio: 3.43
Buy ATH on CIBC Investor's Edge

Pipestone Energy Corp.

Pipestone Energy Corp. (TSX: PIPE)

Pipestone Energy Corp. explores, develops and produces oil, natural gas liquids and natural gas in Western Canada primarily in the Northwest Alberta region.

  • Market cap: CAD$851.76 million
  • YTD performance: 16.97%
  • 1 year performance: 167.65%
  • 5 year performance: 268%
  • P/E ratio: 7.11
Buy PIPE on CIBC Investor's Edge

GoGold Silver and Gold logo

GoGold Resources Inc. (TSX: GGD)

GoGold Resources Inc. explores, develops and produces gold and silver primarily in Mexico. The company is headquartered in Halifax, Nova Scotia.

  • Market cap: CAD$706.288 million
  • YTD performance: -21.12%
  • 1 year performance: -17.59%
  • 5 year performance: 130%
  • P/E ratio: N/A
Buy GGD on CIBC Investor's Edge

Touchstone Exploration logo

Touchstone Exploration Inc. (TSX: TXP)

Touchstone Exploration Inc. is an upstream oil and gas company that explores, develops, produces and sells petroleum and natural gas properties in the Republic of Trinidad and Tobago.

  • Market cap: CAD$341.763 million
  • YTD performance: 0.00%
  • 1 year performance: 20.15%
  • 5 year performance: 82%
  • P/E ratio: 40.25
Buy TXP on CIBC Investor's Edge

Nomura Holdings logo

Nomura Holdings, Inc. (NYSE: NMR)

Japan-based Nomura Holdings provides various financial services to individuals, corporations, financial institutions, governments and governmental agencies worldwide. It operates through 3 segments: Retail, Investment Management and Wholesale.

  • Market cap: USD$11.535 billion
  • YTD performance: -11.78%
  • 1 year performance: -18.55%
  • 5 year performance: 87%
  • P/E ratio: 16.61
Buy NMR on CIBC Investor's Edge

Mechel PAO logo

Mechel PAO (NYSE: MTL)

Mechel PAO is a mining, steel and power businesses that operates in Russia, Asia, Europe, the Commonwealth of Independent States (located in Eastern Europe and Asia) and other international markets.

  • Market cap: C$1.206 billion
  • YTD performance: -29.25%
  • 1 year performance: 465%
  • 5 year performance: 144%
  • P/E ratio: 0.35
Buy MTL on CIBC Investor's Edge

U.S. Bancorp logo

U.S. Bancorp (NYSE: USB)

U.S. Bancorp is a financial services holding company that provides various financial services to individuals, businesses, institutional organizations, governmental entities and other financial institutions in the United States.

  • Market cap: C$72.818 billion
  • YTD performance: -12.75%
  • 1 year performance: -11.44%
  • 5 year performance: 99%
  • P/E ratio: 11.29
Buy USB on CIBC Investor's Edge

Sun Communities logo

Sun Communities, Inc. (NYSE: SUI)

Sun Communities is a real estate investment trust (REIT) that owns, operates or has interests in hundreds of developed motorhomes, recreational vehicles and marina properties in the US, Puerto Rico, Canada and the UK.

  • Market cap: C$21.303 billion
  • YTD performance: -19.41%
  • 1 year performance: -14.31%
  • 5 year performance: 61%
  • P/E ratio: 61.09
Buy SUI on CIBC Investor's Edge

Ambev S.A. logo

Ambev S.A. (NYSE: ABEV)

Ambev S.A. produces, distributes and sells food and beverages in Brazil, Central America, the Caribbean, Latin America and Canada. Its beverage brands include Budweiser, Corona and Labatt Blue. It also bottles and distributes Gatorade, Lipton Iced Tea, Pepsi, Canada Dry, Seven Up and other beverages.

  • Market cap: C$48.768 billion
  • YTD performance: 7.45%
  • 1 year performance: 8.21%
  • 5 year performance: 90%
  • P/E ratio: 17.82
Buy ABEV on CIBC Investor's Edge

What you should know before buying the best penny stocks

There’s no single winning strategy to finding what experts might call the best penny stocks to buy now, because the most important considerations are your own goals and circumstances.

Our stock list is not personal financial advice—your personal objectives and financial situation have not been taken into consideration. Do your own research, and speak with an investment professional if in doubt.

Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can increase and decrease in value.

This list and data was compiled August 18, 2022. The algorithm was last updated 27 January 2021.

Compare brokers to buy the best penny stocks

You can buy Canadian and US stocks through the following Canadian platforms. Learn more about how to get started in our guide to opening a stock trading account.

1 - 5 of 5
Name Product Finder Rating Stock Trading Fee Account Fee Available Asset Types Offer
CIBC Investor's Edge
Finder Rating:
4 / 5
$0 if conditions met, else $100/year
Stocks, Bonds, Options, Mutual Funds, ETFs
Young investors 18 to 24 can get free online trades and a $0 annual account fee. Conditions apply.
Interactive Brokers
Finder Rating:
4.1 / 5
min $1.00, max 0.5%
Stocks, Bonds, Options, ETFs, Currencies, Futures
Finder Rating:
4.2 / 5
$4.95 - $9.95
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
Get $50 in free trades when you fund your account with a minimum of $1,000.
Finder Rating:
3.9 / 5
Stocks, ETFs
Get $25 when you open a Wealthsimple account and fund at least $150.
Qtrade Direct Investing
Finder Rating:
4.1 / 5
$6.95 - $8.75
$0 if conditions met, otherwise $25/quarter
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Get almost $500 in commission free trades when you fund your new account with a minimum of $10,000. Conditions apply. Ends October 31, 2022.

Compare up to 4 providers

How do penny stocks perform?

Penny stocks are highly volatile and are often seen as riskier investments. But that doesn’t mean all penny stocks drop in a bear market.

Historically, penny stocks have larger swings in both bull and bear markets. This means that when times are good, investors can increase their holdings. However, when the market turns and the sentiment is low, these investments tend to fall further than blue-chip stocks.

But just like large caps, a business’s stock price and performance varies based on its circumstances and the sector it’s in. The same is true with penny stocks.

Type of investor suited to penny stocks

Penny stocks are highly speculative investments. The odds losing all your money are greater than gaining high returns. As such, penny stocks are more suited to:

  1. Experienced investors
  2. Investors with high risk tolerance
  3. Hedge fund managers and other professional investors
  4. Those with a long-term horizon who are willing to ride out short-term volatility
  5. Investors who are willing to take a bit of a gamble

What happens in the future is anyone’s guess. However, we do know some big themes that are driving the market.

Eastern Europe conflict

In response to the conflict in Ukraine, many Western countries have placed sanctions on Russia. This has seen skyrocketing prices of commodities such as oil and gas, which Russia is a major producer of. A strong oil price helps the share price of penny stocks.

Supply shortages

Differing COVID-19 policies around the world continues to impact supplies of goods and services. For example, the US is facing a struggle to supply infant formula and a shortage of approved providers.

Growth stocks

Tech businesses are often among the most heavily hit during periods of inflation and rising rates. But the world is changing, creating new opportunities for some business, for example, those in the artificial intelligence or electric vehicle industries.

Online stock trading in Canada

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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What are the best penny stocks to buy now in 2022?

What are the best penny stocks to buy now in 2022?

Using our proprietary algorithm, we searched the TSX, NYSE and Nasdaq to find the 10 best penny stocks to buy now.

Read more…

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