Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Middlesex Water Company (NASDAQ: MSEX)
- Middlesex Water posted downbeat quarterly results. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “The calendar year 2023 continues to be a period of significant transition as we execute our succession plans, continue investing to adapt to new regulatory requirements, manage rate filing proceedings currently in progress and responsibly manage our resources to meet customer needs during the peak summer season.” The company’s stock has a 52-week low of $66.51 .
- RSI Value: 27.46
- MSEX Price Action: Shares of Middlesex Water fell 0.7% to close at $71.89 on Tuesday.
- AES posted weaker-than-expected second-quarter earnings. "We are making excellent progress on our strategic priorities: tripling our installed renewables capacity by 2027; growing our US utilities' rate base by more than 10% annually; and exiting coal by year-end 2025," said Andrés Gluski, AES President and Chief Executive Officer. It has a 52-week low of $16.89.
- RSI Value: 28.43
- AES Price Action: Shares of AES Corporation fell 1.2% to close at $17.03 on Tuesday.
- Pure Cycle Corporation announced appointment of Marc Spezialy as new Chief Financial Officer. The company’s stock has a 52-week low of $7.77.
- RSI Value: 22.90
- PCYO Price Action: Shares of Pure Cycle fell 1.1% to close at $10.37 on Tuesday.
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