Top 5 Energy Stocks That May Plunge In July
Portfolio Pulse from Lisa Levin
The article lists five energy stocks that are considered overbought and may plunge in July. These include Tidewater Inc. (TDW), Noble Corporation Plc (NE), Helix Energy Solutions Group, Inc. (HLX), ChampionX Corporation (CHX), and Tenaris S.A. (TS). The overbought status is determined by the Relative Strength Index (RSI), which is above 70 for all these stocks.
July 20, 2023 | 12:35 pm
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NEGATIVE IMPACT
ChampionX Corporation's stock is considered overbought with an RSI of 76.70. Capital One recently initiated coverage on ChampionX with an Overweight rating and a price target of $40.
The overbought status and recent Overweight rating could lead to a short-term decrease in ChampionX's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Helix Energy Solutions Group, Inc.'s stock is considered overbought with an RSI of 73.60. The company is expected to report Q2 results on July 26, 2023.
The overbought status and upcoming Q2 results could lead to a short-term decrease in Helix Energy's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Noble Corporation Plc's stock is considered overbought with an RSI of 76.29. The company is expected to report Q2 2023 financial results on Aug. 2, 2023.
The overbought status and upcoming financial results could lead to a short-term decrease in Noble Corporation's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tidewater Inc.'s stock is considered overbought with an RSI of 70.52. The company recently announced a $250 million senior unsecured bond issue.
The overbought status and recent bond issue announcement could lead to a short-term decrease in Tidewater's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tenaris S.A.'s stock is considered overbought with an RSI of 74.91. Morgan Stanley recently maintained Tenaris with an Overweight and lowered the price target from $42 to $40.
The overbought status and recent Overweight rating with a lowered price target could lead to a short-term decrease in Tenaris's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100