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.
Ranger Energy Services, Inc. (NYSE: RNGR)
- Ranger Energy Services reported worse-than-expected third-quarter revenue results and issued FY23 revenue guidance below estimates. Stuart Bodden, Ranger’s Chief Executive Officer, commented, "In the third quarter of 2023, Ranger continued to deliver strong financial performance despite lower U.S. onshore drilling and completions activity and sustained weakness in the natural gas basins." The company’s stock has a 52-week low of $9.27 .
- RSI Value: 26.07
- RNGR Price Action: Shares of Ranger Energy Services fell 0.6% to close at $9.92 on Tuesday.
- DMC Global said its board of directors has elected James O’Leary as an independent director. It has a 52-week low of $14.82.
- RSI Value: 28.21
- BOOM Price Action: Shares of DMC Global fell 2.9% to close at $15.58 on Tuesday.
- Kimbell Royalty Partners posted downbeat earnings for the third quarter. Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell's general partner, commented, "We are very pleased to announce another record quarter with new all-time highs set in production, rig count, DUCs and permits." The company’s stock has a 52-week low of $13.85.
- RSI Value: 28.24
- KRP Price Action: Shares of Kimbell Royalty Partners fell 1.5% to close at $15.07 on Tuesday.
- RPC posted weaker-than-expected results for the third quarter. "RPC's third quarter 2023 operating results for the majority of our service lines were relatively stable sequentially except for the even weaker than expected decline in pressure pumping," stated Ben M. Palmer, RPC's President and Chief Executive Officer. The company’s 52-week low is $6.54.
- RSI Value: 29.33
- RES Price Action: Shares of RPC fell 2.8% to close at $7.19 on Tuesday.
W&T Offshore, Inc. (NYSE: WTI)
W&T Offshore posted downbeat earnings for the third quarter. Tracy W. Krohn, W&T’s Board Chair and Chief Executive Officer, commented, “Our third quarter 2023 saw increased commodity pricing, strong production volumes, operational excellence and cost control which resulted in positive operational and financial results.” The company has a 52-week low of $3.25.
RSI Value: 29.49
WTI Price Action: Shares of W&T Offshore rose 0.3% to close at $3.31 on Tuesday.
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