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, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
On April 7, Barclays analyst Eddie Kim maintained Noble Corp with an Overweight rating and lowered the price target from $39 to $29. The company's stock fell around 19% over the past five days and has a 52-week low of $17.40.
RSI Value: 29.2
NE Price Action: Shares of Noble gained 5.4% to close at $19.41 on Monday.
Edge Stock Ratings: 8.25 Momentum score with Value at 93.03.
On March 19, Citigroup analyst Scott Gruber maintained Seadrill with a Buy rating and lowered the price target from $46 to $35. The company's stock fell around 20% over the past month and has a 52-week low of $18.25.
RSI Value: 27.3
SDRL Price Action: Shares of Seadrill gained 4.4% to close at $20.08 on Monday.
Benzinga Pro’s charting tool helped identify the trend in SDRL stock.
On March 27, Morgan Stanley analyst Daniel Kutz maintained Nabors Industries with an Overweight rating and lowered the price target from $115 to $75. The company's stock fell around 28% over the past five days and has a 52-week low of $26.23.
RSI Value: 25.8
NBR Price Action: Shares of Nabors Industries gained 3.1% to close at $29.86 on Monday.
Benzinga Pro’s signals feature notified of a potential breakout in NBR shares.
