No, it can’t be done. On a given move, suppose that t pennies change from tails to heads. That means that 4-t pennies change from heads to tails. So this move has changed the total number of tails by (4-t) – t = 4-2t = 2(2-t). Since this number is a multiple of 2, it will always be even. If we started with 0 tails, and each move changes the total number of tails by an even number, then we can never reach 7 tails.
From Paul Vaderlind, Richard K. Guy, and Loren C. Larson, The Inquisitive Problem Solver, 2002.