Top 3 Energy Stocks That Are Ticking Portfolio Bombs
Portfolio Pulse from Avi Kapoor
As of May 7, 2024, Excelerate Energy, Inc. (EE), North European Oil Royalty Trust (NRT), and Tidewater Inc. (TDW) are identified as overbought energy stocks, with RSI values above 70, signaling potential short-term performance concerns. EE is set to release Q1 2024 results, NRT announced a Q2 distribution, and TDW reported strong Q1 results.
May 07, 2024 | 12:32 pm
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NEGATIVE IMPACT
Excelerate Energy's stock is overbought with an RSI of 71.62 and is expected to release Q1 2024 results soon. The stock gained 15% over the past month.
The overbought status (RSI > 70) typically indicates potential for a short-term pullback, especially with upcoming earnings that could sway investor sentiment.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
North European Oil Royalty Trust announced a Q2 distribution and has an RSI of 72.92, indicating it's overbought. The stock rose 14% in five days.
An RSI above 70 suggests the stock might be overvalued, potentially leading to a price correction, especially after a rapid increase.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 85
NEGATIVE IMPACT
Tidewater's strong Q1 results pushed its RSI to 71.77, indicating an overbought condition. The stock has gained 12% over the past five days.
Despite positive earnings, the overbought RSI level could signal a near-term downside risk as the market digests the recent gains.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 90