5 Energy Penny Stocks To Buy Now

Rex Energy Corporation (NASDAQ:REXX)

– Hedge Funds with Long Positions (as of June 30): 5

– Value of Hedge Funds’ Holdings (as of June 30): $990,000

Rex Energy Corporation (NASDAQ:REXX) is the third energy penny stock in which five of the hedge funds that we follow owned shares of as of June 30. The company was recently upgraded to ‘Hold’ from ‘Sell’ by Stifel Nicolaus analyst Michael Scialla. Scialla said at the time that the OPEC agreement has built an oil price floor around the $40 mark, which ensures some needed stability for Rex Energy. The analyst also raised his price target on the stock to $0.52 from $0.50. Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners opened a 71,306-share position in Rex Energy during the second quarter.

Basic Energy Services, Inc (NYSE:BAS)

– Hedge Funds with Long Positions (as of June 30): 5

– Value of Hedge Funds’ Holdings (as of June 30): $10.45 Million

Basic Energy Services, Inc (NYSE:BAS) is yet another energy penny stock which was owned by five of the hedge funds in our system. Hedge funds were much more bullish on Basic Energy Services however, owning over $10 million worth of its shares, more than five-times the amount of money held in the previous three stocks on this list combined. Those five funds owned 14.50% of the company’s shares at the end of June. Shares of Basic Energy Services have crumbled by 73% this year despite the strong performance of the overall energy sector, and the stock was recently replaced in the S&P 600 by Abercrombie & Fitch Co. (NYSE:ANF).

Bellatrix Exploration Ltd (NYSE:BXE)

– Hedge Funds with Long Positions (as of June 30): 7

– Value of Hedge Funds’ Holdings (as of June 30): $13.22 Million

Lastly is Bellatrix Exploration Ltd (NYSE:BXE), which was owned by seven hedge funds in our database on June 30, unchanged over the course of the second quarter, though the aggregate value of their holdings in it fell from $47.03 million to just $13.22 million during that time. The large decline was partly due to Seth Klarman’s Baupost Group selling off its 8.65 million Bellatrix shares during the quarter, which had been worth $8.74 million on March 31. Bellatrix Exploration recently announced that it would be raising $10 million through a private placement. The proceeds of the placement will be used to finance drilling and completion expenditures for the rest of the year. The 8.47 million shares issued under the private placement will have a holding period of four months.

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