Global oil supplies were shelved due to international sanctions on Russia and the pain at the pump skyrocketed. Why the sudden reversal of fortune? Aside from the world gradually returning back to pre-pandemic norms, the Russian invasion of Ukraine proved to be a catalyst. Fast forward to the present time and EGY is unquestionably a top performer, gaining more than 130% year-to-date (YTD). In fact, EGY slipped into literal penny-stock territory during the spring 2020 doldrums. When the novel coronavirus pandemic first upturned the modern global order, hydrocarbon-related companies like VAALCO Energy (NYSE: EGY) suffered significantly. And so, here are seven of the best cheap stocks to buy for under $10 right now. However, in a period of rising fear, some viable names are slipping through the cracks. Certainly, some publicly traded companies are suffering for legitimate reasons. Of course, this doesn’t mean that you should jump on every discounted equity unit. For instance, the energy sector represents a huge catalyst for the best cheap stocks to buy due to fortuitously extraordinary relevance. But on the other hand, you have subsegments that may have benefitted from the catastrophe. On one hand, you have broader economic concerns stemming from high inflation, a matter that affects everyone. Unlike other bearish cycles, the present juncture features multiple nuanced narratives. A downturn, even a bear market, could yield significant opportunities with the best cheap stocks to buy - in this case, equities under $10 per share. Nevertheless, it’s important to keep a long-term perspective. With so much enthusiasm dominating market sentiment in 2021, many investors bought in perhaps a bit too late and are now ruing the sudden volatility we’ve suffered so far this year.
VAALCO Energy ( EGY): A hydrocarbon exploration firm, VAALCO Energy is crushing it due to its extraordinary relevance.
Despite being a tough circumstance to endure, the market selloff nevertheless provides some intriguing opportunities for the best cheap stocks to buy for under $10.
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