The most oversold stocks in the energy sector presents an opportunity to buy into undervalued 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 oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Enviva Inc. (NYSE:EVA)
- Enviva posted weaker-than-expected second-quarter results. "For the second quarter of 2023, Enviva delivered results in line with our expectations, and we are making progress with initiatives underway to reduce costs and improve productivity across our operations," said Thomas Meth, President and Chief Executive Officer. The company’s stock has a 52-week low of $6.40 .
- RSI Value: 25.71
- EVA Price Action: Shares of Enviva fell 5.8% to close at $6.47 on Monday.
Granite Ridge Resources, Inc. (NYSE:GRNT)
- Granite Ridge Resources priced secondary public offering of 7.1 million common shares at $5 per share. It has a 52-week low of $4.82.
- RSI Value: 29.38
- GRNT Price Action: Shares of Granite Ridge Resources rose 0.7% to close at $5.79 on Monday.
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