Top 5 Energy Stocks That May Crash This Quarter
Portfolio Pulse from Avi Kapoor
Five energy stocks with high RSI values, indicating potential overbought conditions, are Helmerich & Payne (HP), Phillips 66 (PSX), Teekay Corporation (TK), Valero Energy (VLO), and TORM plc (TRMD). HP reported strong Q1 results and plans to double its international rig count. PSX is set to release earnings, while TK and TRMD posted better-than-expected sales last quarter. VLO reported mixed results with revenue missing but EPS beating estimates.
January 31, 2024 | 1:17 pm
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NEGATIVE IMPACT
Helmerich & Payne reported strong Q1 earnings and plans to expand in the Middle East, with its stock recently surging 18%. However, a high RSI of 76.02 suggests it may be overbought.
Despite positive Q1 results and expansion plans, the high RSI indicates that the stock may face a short-term pullback due to being overbought.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Phillips 66 is expected to release earnings soon and has seen an 8% stock increase recently. Its RSI of 71.10 suggests it might be overbought.
The anticipation of earnings could be driving the stock up, but the RSI indicates that it may be due for a correction.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Teekay Corporation's stock rose after reporting increased Q3 sales, but a high RSI of 76.73 could mean the stock is overbought.
The positive sales report is a good sign, but the stock's high RSI may lead to a short-term downturn as the market corrects.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
TORM plc saw a stock increase after reporting strong Q3 sales, but with an RSI of 70.01, it may be on the verge of being overbought.
The positive sales performance is encouraging, yet the RSI just at the threshold of overbought may indicate a potential pullback.
CONFIDENCE 60
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Valero Energy reported mixed results with a revenue miss but an EPS beat. The stock's RSI of 70.08 suggests it may be slightly overbought.
The mixed financial results combined with a borderline overbought RSI could lead to a cautious outlook for the stock in the short term.
CONFIDENCE 65
IMPORTANCE 65
RELEVANCE 75