8 High Growth Penny Stocks That Are Profitable in 2024

6. Kolibri Global Energy Inc. (NASDAQ:KGEI)

Share Price: $3.44

5-Year Net Income Growth: 16.84% 

5-Year Revenue Growth: 20.72% 

TTM Net Income: $14.52 Million

Number of Hedge Fund Holders: 3 

Kolibri Global Energy Inc. (NASDAQ:KGEI) is a North American energy company that focuses on the exploration and extraction of oil and gas. The company owns and operates several properties in the United States, which are used to develop energy products. As per management, the company has around 32.4 million Barrels of Oil Equivalent in proven reserves, with around 58 proved locations still under development.

The company recently announced that it has completed the drilling of the first three 1.5-mile lateral wells in its Tishomingo field. This was significant because management was able to complete the drilling within the budget and in much less time than originally anticipated. The drilling was anticipated to be completed in 20 days, however, management pulled it off in only 14 days, indicating operational efficiency. The wells will start contributing in the fourth quarter thereby increasing the cash flow for Kolibri Global Energy Inc. (NASDAQ:KGEI).

The second quarter results for 2024 were also motivating for investors. The average production for the quarter improved by 30% year-over-year, with adjusted EBITDA also going up by 31% during the same time. The company has also been experiencing a significant tailwind from increased oil prices which are up around 7%. Increased prices topped with increased production, and forecasted production increase from recent drilling makes up a strong investment case for Kolibri Global Energy Inc. (NASDAQ:KGEI).