5 Best Strong Buy Penny Stocks to Invest In Now

2. Sable Offshore Corp. (NYSE:SOC)

Number of Hedge Fund Holders: 34

Sable Offshore Corp. (NYSE:SOC) is one of the best strong buy penny stocks to invest in now. Sable Offshore Corp. (NYSE:SOC) received a rating update from Gerdes Energy Research on July 6. The firm upgraded the stock to Buy from Neutral, adjusting the price target on the shares to $8, down from $11. The rating update came after the issuance of “necessary equity capitalization” and convertible debt, with the firm telling investors that the stock has depreciated by about 67% since June 1. The firm’s revised target reflects significantly over 20% equity value upside.

Sable Offshore Corp. (NYSE:SOC) also received a rating update from Jefferies the same day. The firm cut the price target on the stock to $11 from $24 and maintained a Buy rating on the shares, with the rating update coming after what the firm calls “a challenging couple of weeks”, which includes an unexpected equity/convertible note as government support failed to materialize. The firm further stated that although the dilution “has been frustrating for existing equity holders,” the focus is on Judge Wilson’s ruling in July with refinancing complete.

Sable Offshore Corp. (NYSE:SOC) is involved in offshore oil and gas field operations. The company’s focus is on the development of the prolific Santa Ynez Unit in federal waters offshore California.