In this article, we will list the 5 Best NYSE Penny Stocks to Buy According to Hedge Funds. Please visit 15 Best NYSE Penny Stocks to Buy According to Hedge Funds if you’d like to see an extended list and the methodology behind it.
5. SITE Centers Corp. (NYSE:SITC)
SITE Centers Corp. (NYSE:SITC) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
On June 30, SITE Centers Corp. (NYSE:SITC) disclosed that it has divested its ground leasehold and all remaining stake in The Pike Outlets for a total consideration of $50 million, which will be received in cash. Net sale proceeds stood at roughly $46.5 million after making adjustments for certain allocations, prorations, leasing maintenance, and other credits.
New York Stock Exchange
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The Company’s Board also approved a special cash dividend of $1 per share, payable on July 31 to shareholders of record as of the close of business on July 17. The ex-dividend date for this payout is August 3.
Since this special dividend equates to more than 25% of the stock’s current price, the NYSE has suggested that the company’s common shares will trade on a due-bill basis. It represents an allocation of the entitlement to collect the special dividend from the record date of July 17 through the payment date of July 31.
Based on a median 1-year price target of $6, the stock currently offers more than 42% upside potential to investors.
SITE Centers Corp. (NYSE:SITC) is a self-managed real estate investment trust that owns and operates open-air shopping centers. As a highly integrated retail real estate business, it covers various functions such as leasing, redeveloping, and acquiring properties.
4. Borr Drilling Ltd. (NYSE:BORR)
Borr Drilling Ltd. (NYSE:BORR) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
On July 2, Borr Drilling Ltd. (NYSE:BORR) announced the completion of a debt refinancing transaction that extended the company’s debt maturity profile and also lowered its cumulative debt outstanding. As a considerable offshore drilling entity with substantial financial requirements, a well-crafted loan portfolio is imperative to fund fleet operations and meet contract obligations. This has helped investors gain a clearer picture of the company’s financial position.
The tender offer and redemption, which has now closed, takes out a substantial amount of debt due in 2028 and 2030, and replaces it with longer-dated notes, after the previous issuance of US$2.035 billion. The refinancing eases the pressure of near-term maturity, but the overall debt remains large.
The company’s interest cost will now be linked to the new notes. Together with the already issued US$300 million convertible notes and the recent insider purchases by one of the Directors, Tor Troim, these underscore management’s intent to bolster the balance sheet while allowing for the expansion of its fleet of jack-up rigs.
Earlier, on July 1, Capital One initiated coverage of the stock with a target price of $6, implying upside potential of more than 37%. The firm also assigned an Overweight rating to the stock.
Borr Drilling Ltd. (NYSE:BORR) provides offshore shallow-water drilling services to the oil and gas sector. It operates jackup rigs for carrying out shallow-water drilling and workover activities for its customers engaged in the exploration or production of oil and gas.
3. Ur-Energy Inc. (NYSE:URG)
Ur-Energy Inc. (NYSE:URG) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
On June 29, Ur-Energy Inc. (NYSE:URG) completed a major regulatory milestone for its Shirley Basin Project. The company revealed that the Wyoming Department of Environmental Quality issued regulatory approval regarding the Uranium Recovery Program, allowing the company to scale up to full-scale uranium in situ recovery (ISR) operations.
This will include transporting uranium-loaded resin from the Shirley Basin to the Lost Creek processing plant. The Wyoming Department of Environmental Quality completed a detailed preoperational assessment prior to granting approval. The inspection consisted of verifying the adequacy of the safety systems, procedures, staffing, radiation safety program, and environmental monitoring for the safety of the human population and the environment.
Since uranium recovery commenced at Shirley Basin in April 2020, the Company has loaded over 10,500 lbs of uranium onto resin; shipments to the Lost Creek processing facility will commence shortly. The shipments will continue as the wellfield flow rates increase to commercial production levels.
Back in mid-June, Ur-Energy Inc. (NYSE:URG) disclosed the conclusion of its 100th consignment of U₃O₈ uranium concentrate in Wyoming from its Lost Creek ISR site. This significant consignment raised the company’s cumulative shipped capacity of U₃O₈ to over 3.5 million lbs since operations started back in 2013. According to the company, this achievement signifies more than a decade of reliable, secure U.S. uranium output and facilitates the domestic nuclear fuel supply network.
Ur-Energy Inc. (NYSE:URG) is engaged in uranium mineral assets, conducting exploration and development activities, and operating various uranium projects. One of its key projects is the Lost Creek Project, which consists of mineral leases and mining claims.
2. Clarivate PLC (NYSE:CLVT)
Clarivate PLC (NYSE:CLVT) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
On July 6, Clarivate PLC (NYSE:CLVT) disclosed that it signed a definitive agreement to sell its Life Sciences & Healthcare segment to Altaris for a consideration of around $600 million. Upon completion of this divestment, the company will become a subscription-first worldwide provider of technology-enabled services, intelligence solutions, and workflow software.
The company plans to use the cash proceeds to reduce its existing debt. The payment structure comprises $500 million in cash payment, issuance of a $75 million seller note, and the remaining $25 million in deferred cash that will be linked with an agreement around transition services.
Back on June 15, Clarivate PLC (NYSE:CLVT) announced that the company’s IPfolio Management Software has been chosen by Mitsubishi Fuso Truck and Bus Corporation as its intellectual property management solution. With highly integrated solutions, trusted data, and expert assistance, all in one platform, Mitsubishi Fuso now has access to an advanced platform for managing intellectual property. This will help them achieve enhanced decision-making and operational confidence.
On July 7, Manav Patnaik from Barclays increased his target price for the stock from $2.40 to $2.50, leading to a revised upside of more than 14%. However, the analyst reaffirmed his Underweight rating on the stock.
Clarivate PLC (NYSE:CLVT) offers information services worldwide. It provides scientific and academic solutions for studies. These include databases, video-format dissertations, and more. It also provides administrative services such as Derwent Innovation and AI-powered search.
1. Bausch Health Companies Inc. (NYSE:BHC)
Bausch Health Companies Inc. (NYSE:BHC) is one of the 15 best NYSE penny stocks to buy according to hedge funds.
On July 6, Bausch Health Companies Inc.’s (NYSE:BHC) subsidiary, Bausch Health Canada, shared the listing of PrOKEDI’s 75mg and 100mg dosages in the Régie de l’assurance maladie du Québec (RAMQ) formulary.
PrOKEDI is an injectable suspension of risperidone that is used to treat adults with schizophrenia. It attains clinically meaningful concentrations of the active compound in the initial several hours after injection, without the need for oral supplementation or a loading dose. It also offers prolonged drug release throughout a four-week dosing interval.
According to Bausch Health, this decision by the company signifies a major milestone in obtaining reimbursement for PrOKEDI in Quebec. The company noted that it will maintain its efforts with other provincial jurisdictions consistent with their respective coverage processes.
Back on June 9, Bausch Health Canada disclosed that it had completed negotiations with the pan-Canadian Pharmaceutical Alliance (pCPA), which led to a Letter of Intent for PrOKEDI’s 100mg and 75mg dosages. Bausch Health Canada’s General Manager, Amy Cairns, noted that this development will enable the company to increase access to PrOKEDI through public drug programs. She further stated:
“This milestone brings us closer to supporting patients, their families, and caregivers with new treatment options, and we look forward to quickly finalizing agreements so Canadians can benefit as soon as possible.”
Bausch Health Companies Inc. (NYSE:BHC) engages in the development and sale of a range of items for the healthcare industry. The company specializes in different areas, including hepatology, neurology, dermatology, gastroenterology, generic pharmaceuticals, over-the-counter items, aesthetic medical devices, and eye health.
While we acknowledge the potential of BHC 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 BHC and that has 100x upside potential, check out our report about the cheapest AI stock.
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