Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the energy 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, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Enviva Inc. (NYSE: EVA)
- The company reported a net loss of $85.2 million for third-quarter versus a year-ago net loss of $18.3 million. Thomas Meth, who continues as President, said, "This was a disappointing quarter as our results came in meaningfully below our expectations due primarily to weakness in commercial activities." The company’s stock has a 52-week low of $0.6060 .
- RSI Value: 28.25
- EVA Price Action: Shares of Enviva fell 5.1% to close at $1.31 on Tuesday.
- Nine Energy Service reported third quarter revenues of $140.6 million. "Third quarter revenue was in-line with expectations coming within our original guidance," said Ann Fox, President and Chief Executive Officer, Nine Energy Service. It has a 52-week low of $2.11.
- RSI Value: 22.00
- NINE Price Action: Shares of Nine Energy Service gained 0.5% to close at $2.14 on Tuesday.
- MIND Technology recently reported a reverse stock split. The company’s stock has a 52-week low of $4.01.
- RSI Value: 15.92
- MIND Price Action: Shares of MIND Technology gained 0.9% to close at $4.8550 on Tuesday.
- DMC Global said its board of directors has elected James O’Leary as an independent director. The company’s 52-week low is $14.82.
- RSI Value: 27.37
- BOOM Price Action: Shares of DMC Global gained 5.7% to close at $16.86 on Tuesday.
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