Top 5 Energy Stocks That May Implode This Quarter
Portfolio Pulse from Lisa Levin
The article lists five energy stocks that are considered overbought and may decline in the short term. These include Profire Energy, Inc. (PFIE), Uranium Energy Corp. (UEC), Helix Energy Solutions Group, Inc. (HLX), Targa Resources Corp. (TRGP), and SFL Corporation Ltd. (SFL). The Relative Strength Index (RSI) values for these stocks are above 70, indicating they are overbought.
September 01, 2023 | 12:53 pm
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NEGATIVE IMPACT
Helix Energy Solutions Group reported better-than-expected second-quarter financial results but its stock fell 0.5% to close at $10.14 on Thursday. Its RSI value is 74.09, indicating it is overbought.
Despite positive Q2 results, the high RSI value suggests that the stock is overbought and may face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Profire Energy posted better-than-expected quarterly results but its stock fell 4.6% to close at $2.68 on Thursday. Its RSI value is 78.97, indicating it is overbought.
Despite positive quarterly results, the high RSI value suggests that the stock is overbought and may face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SFL reported second-quarter revenue of $164.56 million, which missed the consensus of $175.23 million. Its stock rose 0.1% to settle at $11.30 on Thursday. Its RSI value is 81.13, indicating it is overbought.
Despite missing Q2 revenue consensus, the high RSI value suggests that the stock is overbought and may face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Targa Resources reported downbeat quarterly sales and its stock gained 0.1% to close at $86.25 on Thursday. Its RSI value is 70.29, indicating it is overbought.
Despite downbeat quarterly sales, the high RSI value suggests that the stock is overbought and may face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Uranium Energy completed a deal with Rio Tinto Exploration Canada Inc. but its stock fell 1.4% to close at $4.32 on Thursday. Its RSI value is 74.15, indicating it is overbought.
Despite the completion of a significant deal, the high RSI value suggests that the stock is overbought and may face a price correction in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100