With the market struggling with economic uncertainties, hardened gamblers may want to consider speculative stocks to buy. Primarily, the market fallout that began in earnest last year imposed damage almost across the board. Therefore, it might make sense to direct some pocket change toward riskier ventures. Generally speaking, the higher the risk, the greater the reward.

Of course, circumstances must align in your favor for you to collect said rewards. Nevertheless, not all speculative stocks to buy represent blind, low-success-probability affairs. Some enterprises may have businesses that offer underappreciated relevance. Others might only be incurring a temporary struggle, poised to rise higher when the coast clears. To be sure, these market ideas won’t be everyone’s cup of tea. However, if you already wanted to gamble anyways, the below speculative stocks to buy should be on your radar.

Murphy USA (MUSA)

A downstream hydrocarbon energy specialist, Murphy USA (NYSE:MUSA) represents a chain of retail gas stations. Smartly, management chose to build their stations in close proximity to Walmart (NYSE:WMT), thus attracting maximum customer interest. In 2022, the combination of geopolitical flashpoints and blisteringly high inflation cynically benefitted MUSA stock. In the trailing year, it gained over 47% of equity value.

However, since the start of the new year, MUSA slipped more than 2%. As well, in the trailing six months, it declined by over 8%. Fundamentally, the prospect of the Federal Reserve raising the benchmark interest rate to combat stubbornly high inflation seemingly upsets MUSA. However, other upside catalysts – in particular, China’s economic reopening – should bode well for crude oil-based products.

Moreover, Wall Street analysts have confidence in Murphy USA, pegging it a consensus moderate buy. Their average price target stands at $314.25, implying over 18% upside potential. Therefore, it makes an intriguing case for speculative stocks to buy.

NuScale Power (SMR)

Anytime a discussion pops up about speculative stocks to buy, I try to incorporate NuScale Power (NYSE:SMR). Specializing in small modular reactors (SMRs), NuScale offers an alternative approach to nuclear power. Rather than bulky powerplants incorporating yesteryear technology, NuScale’s SMR facilities impose a far more convenient space requirement. Further, its advanced safety protocols should help energy customers sleep easier at night.

Because SMRs can be incorporated in areas previously inaccessible to traditional nuclear facilities, NuScale can build reliable power infrastructures closer to the source of demand. Initially, it appeared that early-bird investors understood this concept. At one point, SMR stock traded for over $15 a pop. Now, it’s much lower. Notably, in the trailing six months, shares slipped about 26%.

Currently, no analyst covers NuScale. However, in the past, four analysts weighed in, with two buys and two holds. Averaging out their individual price targets, SMR could reach $15.75 a share. If so, this would imply upside potential of 55%.

Live Nation (LYV)

Easily ranking among the most controversial names on this list of speculative stocks to buy, Live Nation (NYSE:LYV) makes little girls cry. At least, that’s the public perception. If you follow entertainment news even loosely, you’re probably familiar with the Taylor Swift controversy. If you’re not, Live Nation’s Ticketmaster bungled sales of her upcoming tour, leaving many fans out in the cold.

That’s one issue. The other issue centers on ticket scalpers. Essentially, scalpers use bots to beat out true fans, thus enabling them to charge exorbitant prices in the secondary market. Of course, regular folks expressed outrage at Ticketmaster, leading to a tough situation for the company.

However, no easy solution to this dilemma exists. In reality, scalpers provide a mechanism for free market capitalism to thrive: those who want to see Taylor Swift (or whoever) live will pay the most money. It sucks in a way but this is the only approach. Interestingly, Wall Street analysts are levelheaded about the fiasco, pegging LYV as a consensus strong buy. Further, their average price target stands at $89.75, implying 25% upside potential. Thus, it’s one of the speculative stocks to buy.

Bill Holdings (BILL)

A leading provider of cloud-based software, Bill Holdings (NYSE:BILL) specializes in simplifying, digitizing, and automating back-office financial processes for small and mid-sized businesses. Not to inject my personal opinion here but I’ve used the platform and it works like a charm. Unfortunately for stakeholders, Bill.com didn’t impress investors.

Since the January opener, BILL stock gave up 22% of its equity value. In the trailing year, shares hemorrhaged over 64%. Financially as well, the underlying enterprise could use significant improvement. Right now, Gurufocus.com warns its readers that BILL represents a possible value trap. Further, with deeply negative margins and a so-so balance sheet, it’s not shocking why the market quit BILL stock.

However, as a narrative, it could pan out eventually, especially because of the burgeoning gig economy. Further, with recalled workers considering going the independent route, the gig economy could rise faster than projected. Significantly, Wall Street’s best are willing to give BILL a shot, pegging it a moderate buy. Also, their average price target stands at $138.74, implying over 63% upside potential.

Sibanye Stillwater (SBSW)

During the inflationary rush of 2022, you’d think that precious metals-related enterprise would perform very well. However, some performed shockingly miserably and that’s what makes Sibanye Stillwater (NYSE:SBSW) so frustrating. Headquartered in resource-rich South Africa, Sibanye seemingly has all the makings – labor disputes aside – of a solid gold-mining enterprise. However, even with mining other critical resources like palladium, Sibanye stunk up the field.

Since the Jan. opener, SBSW gave up 23% of equity value. In the trailing year, SBSW fell sharply to the tune of over 56%. Nevertheless, for risk-takers, SBSW ranks among the top speculative stocks to buy on the market’s red ink.

Beyond just the relevancies of its mined assets, Sibanye presents an arguably ridiculously undervalued financial profile. For instance, SBSW trades at a forward multiple of 3.48. As a discount to earnings, Sibanye ranks better than 92.43% of the competition. Operationally, it features a blistering three-year revenue growth rate of 38%. And its net margin isn’t too shabby either at 13.26%. Adding confirmation, analysts peg SBSW as a consensus moderate buy. Further, their average price target stands at $14.67, implying 76% upside potential. It’s one of the speculative stocks to buy.

Sirius XM (SIRI)

A broadcasting company, Sirius XM (NASDAQ:SIRI) provides satellite radio and online radio services. Although relevant during the pre-pandemic era when people commuted to work, Sirius XM lacks vigor due to remote operations. For example, in the trailing five years, SIRI gave up over 29% of its equity value. Even in the nearer term, SIRI poses challenges for even the most dedicated gamblers. Since the Jan. opener, shares dropped 23%. In the trailing year, they’re underwater by almost 28%, again reflecting relevancy issues.

Ordinarily, I might heed Gurufocus.com’s advice, which warned that Sirius may be a possible value trap. However, questions recently popped up about the viability of sustained work-from-home protocols. For instance, Disney (NYSE:DIS) announced that it will end this privilege, translating to more commuters on the road. So, rather than being a value trap, Sirius could be a value release.

To be fair, covering analysts present pensiveness toward SIRI, pegging it a consensus hold. However, their average price target stands at $5.65, implying nearly 27% upside potential. Therefore, it’s an interesting proposition for speculative stocks to buy.

Precision Drilling (PDS)

A hydrocarbon energy specialist, Precision Drilling (NYSE:PDS) is the largest drilling rig contractor in Canada, per its public profile. With such an esteemed status, you might think Precision Drilling would be killing it this year. Unfortunately for shareholders, PDS has been disappointing. Since the Jan. opener, the security tumbled over 18%.

With that loss, its trailing-year performance no longer stands as impressive. Now, it sits more than 1% below parity at the time of writing. Even on a trailing five-year basis, PDS finds itself on the wrong (as in negative) end of a near-7% performance.

Financially, it’s understandable why some investors jumped ship. Operationally, the company’s net margin slipped into negative territory over the past one-year period. Further, Precision lacks a convincingly stable balance sheet.

Nevertheless, PDS also rates as objectively undervalued. Presently, PDS trades at a forward multiple of 4.72. As a discount to earnings, Precision ranks better than 75.08% of the field. Finally, Wall Street analysts peg PDS as a consensus moderate buy. Enticingly, their average price target stands at $101.08, implying almost 76% upside potential.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.