13 Best NYSE Penny Stocks to Invest in Right Now

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1. Sable Offshore Corp. (NYSE:SOC)

Share Price as of November 17: $3.85

Number of Hedge Fund Holders: 32

Average Upside Potential as of November 17: 596.77%

Sable Offshore Corp. (NYSE:SOC) is one of the best NYSE penny stocks to invest in right now. On November 11, Jefferies lowered the firm’s price target on Sable Offshore to $20 from $38 but kept a Buy rating on the shares after the company announced its $250 million share placement. The company’s management clarified its future strategy by electing to focus on the OS&T option.

A day prior, on November 10, Roth Capital also cut the firm’s price target on Sable Offshore to $22 from $26 with a Buy rating on the shares. This sentiment was also driven by the company’s announcement of the $250 million share placement. Roth Capital noted that Sable Offshore is an attractive prospect because it is a high-growth company with low base declines and strong field margins.

On November 10, the company entered into subscription agreements for a private placement of common stock with institutional investors. Sable Offshore agreed to issue a total of 45,454,546 shares of its common stock at a purchase price of $5.50 per share. The transaction is expected to generate gross proceeds of ~$250 million.

Sable Offshore Corp. (NYSE:SOC) operates as an independent oil and gas company in the US. The company operates through three platforms located in federal waters offshore California.

While we acknowledge the potential of SOC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOC and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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