Top 5 Energy Stocks That May Implode In Q2

Lisa Levin

May 19, 2023

The most overbought stocks in the energy sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

Comstock Inc. (NYSE:LODE)

Comstock posted a narrower-than-expected quarterly loss. “Over the past three months, we monetized non-strategic assets and positioned ourselves to meet or exceed our $30 million target this year,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. The company’s stock has a 52-week high of $0.84 .
RSI Value: 81.74
LODE Price Action: Shares of Comstock fell 0.2% to close at $0.7480 on Thursday.

Ultrapar Participações S.A. (NYSE:UGP)

Ultrapar recently reported first-quarter earnings.. The company’s stock has a 52-week high of $3.52.
RSI Value: 77.19
UGP Price Action: Shares of Ultrapar Participações rose 1.7% to close at $3.51 on Thursday.

Ranger Energy Services, Inc. (NYSE:RNGR)

Ranger Energy Services posted downbeat quarterly earnings. "I am pleased to report that our results for the first quarter of 2023 demonstrate strong year-over-year growth across all segments of our business," stated Stuart Bodden, Chief Executive Officer of Ranger Energy Services. The company has a 52-week high of $12.51.
RSI Value: 73.62
RNGR Price Action: Shares of Ranger Energy Services rose 3.4% to close at $12.24 on Thursday.

Equitrans Midstream Corporation (NYSE:ETRN)

Equitrans Midstream posted better-than-expected first-quarter results. "The MVP project has almost certainly gone through more environmental review and scrutiny than any natural gas pipeline project in U.S. history, and we believe the immense amount of quality work, in-depth analysis, and comprehensive agency conclusions must be recognized at all levels," said Thomas F. Karam, Equitrans chairman and chief executive officer. The company’s 52-week high is $9.90.
RSI Value: 75.93
ETRN Price Action: Shares of Equitrans Midstream rose 3.5% to close at $5.93 on Thursday.

SandRidge Energy, Inc. (NYSE:SD)

SandRidge Energy announced a $2 per share special dividend. The company has a 52-week high of $29.28.

RSI Value: 77.30

SD Price Action: Shares of SandRidge Energy rose 3.3% to settle at $17.30 on Thursday.

Read More: Investor Sentiment Improves Further After Nasdaq Jumps 1.5%

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