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.
International Seaways Inc (NYSE:INSW)
- On Nov. 7, International Seaways posted weaker-than-expected quarterly earnings. "We continue to execute on our balanced capital allocation strategy, utilizing our strong cash generation in third quarter to deliver double-digit returns to our shareholders," said Lois K. Zabrocky, International Seaways President and CEO. The company's stock fell around 17% over the past month and has a 52-week low of $34.32.
- RSI Value: 22.87
- INSW Price Action: Shares of International Seaways closed at $34.97 on Friday.
- Benzinga Pro's real-time newsfeed alerted to latest INSW news.
HF Sinclair Corp (NYSE:DINO)
- On Dec. 9, Wells Fargo analyst Roger Read downgraded HF Sinclair from Overweight to Equal-Weight and lowered the price target from $53 to $45. The company's stock fell around 13% over the past month and has a 52-week low of $37.34.
- RSI Value: 27.20
- DINO Price Action: Shares of HF Sinclair closed at $37.45 on Friday.
- Benzinga Pro's charting tool helped identify the trend in DINO stock.
Exxon Mobil Corp (NYSE:XOM)
- On Dec. 16, Mizuho analyst Nitin Kumar maintained Exxon Mobil with a Neutral and lowered the price target from $137 to $134.. The company's stock fell around 8% over the past month and has a 52-week low of $95.77.
- RSI Value: 24.30
- XOM Price Action: Shares of Exxon Mobil closed at $110.84 on Friday.
- Benzinga Pro's signals feature notified of a potential breakout in XOM shares.
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