Over the course of the past year, the energy sector has been in considerable focus among investors due to the global situation which led to massive volatility in energy prices. That, in turn, led to higher profits for many energy companies across the world as prices went up across the board. There are many penny stock companies in the energy sector that could also be worth looking into at this point in time. This article is going to provide you with a quick look into five energy penny stocks that could well be worth tracking in 2023.
Houston Natural Resources Corp (OTCMKTS:HNRC) - The first one that may be added to your watch list for 2023 is Houston Natural Resources Corp, which is a diversified energy holding company with varied operations and investments. Some of the sectors in which the company is involved include healthcare, energy, and information technology among others.
The company had made rapid strides over the course of the past year and hence, it could be worth taking a look into some of the highlights. The company spun off its non-energy assets into a separate fully owned subsidiary unit named Worldwide Diversified Holdings and issued dividend shares to Houston Natural Resources Corp shareholders for the same.
Another significant transaction for the company was the acquisition of a 9.9% stake in the company Cunningham Energy LLC. However, in addition to that, the company had also extended the letter of intent by way of which it would have the option to pick up a 100% stake in Cunningham by March 31, 2023.
In addition to that, Houston Natural Resources Corp engaged an underwriter for a commitment of $100 million for the purpose of uplisting the stock to a bigger exchange eventually. This year, Houston Natural Resources Corp may well be one of the major penny stocks to track in the energy sector.
Gaensel Energy Group (OTCMKTS:GEGR) - Another diversified company in the energy sector that may be worth tracking this year is Gaensel Energy Group. The company has managed to make rapid strides since 2019 through agreements and acquisitions in a range of sectors. The sectors it is involved in include commodities, green energy, biotech, and construction among others.
It has also managed to grow its assets at a frenetic rate from nothing in 2019 to total assets worth as much as $55 million in 2021. Gaensel Energy Group has continued to work on acquisitions and agreements and even in recent times it has made a number of interesting acquisitions which could prove invaluable for the company in the long run. Additionally, the diversified nature of the company may also prove to be a hedge against macroeconomic headwinds.
Enservco Corporation (NYSEAMERICAN:ENSV) - Enservco Corporation is a diversified company that is mainly involved in providing specialist well-site services to conventional and unconventional onshore natural oil and gas industries.
On January 9th, ENSV announced that it had received a notice indicating that it was non-compliant with the rules of the NYSE American Exchange. The company failed to host an Annual General Meeting in 2002. The company failed to host it since it had to restate its financial statements.
Independence Contract Drilling Inc (NYSE:ICD) - Last week, Independence Contract Drilling Inc was in the news after it announced its top executives would be participating in the meetings to be held at Sidoti Micro Cap Conference from January 18 to January 19, 2023.
The President and Chief Executive Officer of the company Anthony Gallegos will be in attendance along with Phillip Choyce, the Chief Financial Officer and Executive Vice-President.
Ring Energy Inc (NYSEAMERICAN:REI) - Ring Energy Inc is involved in oil and gas exploration activities and is currently focused on its assets in New Mexico and West Texas.
The company had been in the news towards the end of last year when it released its 2022 Sustainability Report back on December 29. It provided all information regarding the company's performance and the ESG initiatives.
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