Google's John Mueller was asked if there were too many outbound links, even if those links were natural. John said, "I'm not familiar with anything like that." He added that there might be a situation where you are missing content because you have so many links i.e. H. Like directories.
But in general there is no penalty for linking too much. In fact, outbound links are not a ranking factor. I mean if you link to a lot of bad places you can get manual action from google, but tons of outbound natural links are not penalized by google.
Here's the Q&A on Twitter:
I am not aware of anything like that. Usually, the problem lies more in the rest of the site (e.g. lacking real, unique, compelling, high quality content) rather than the links.
– 🍌 John 🍌 (@JohnMu) August 13, 2020
Forum discussion on Twitter.