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.
Ecopetrol SA (NYSE:EC)
- On Oct. 16, Ecopetrol announced the pricing of cash tender offer for any and all of its outstanding 5.375% notes due 2026. The company's stock fell around 11% over the past five days and has a 52-week low of $8.13.
- RSI Value: 26.20
- EC Price Action: Shares of Ecopetrol fell 1.1% to close at $8.15 on Thursday.
- Benzinga Pro's real-time newsfeed alerted to latest EC news.
Torm PLC (NASDAQ:TRMD)
- On July 23, Evercore ISI Group analyst Jonathan Chappell maintained TORM with an Outperform and raised the price target from $45 to $48. The company's stock fell around 17% over the past month. It has a 52-week low of $26.10.
- RSI Value: 27.08
- TRMD Price Action: Shares of Torm fell 0.7% to close at $29.90 on Thursday.
- Benzinga Pro's charting tool helped identify the trend in TRMD stock.
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