Benzinga - by Lisa Levin, Benzinga Editor.
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.
Borr Drilling Limited (NYSE: BORR)
- Borr Drilling’s premium jack-up rigs "Prospector 5" and "Natt" have secured a contract worth $211 million for work in West Africa from an undisclosed customer. The company’s stock has a 52-week low of $3.22 .
- RSI Value: 29.91
- BORR Price Action: Shares of Borr Drilling fell 2.5% to close at $6.99 on Thursday.
- Drilling Tools Intl reported a decline in second-quarter EPS. It has a 52-week low of $3.74.
- RSI Value: 28.11
- DTI Price Action: Shares of Drilling Tools International fell 3.5% to close at $3.85 on Thursday.
- The company’s shares fell around 14% over the past month. The company’s stock has a 52-week low of $10.13.
- RSI Value: 26.98
- CSAN Price Action: Shares of Cosan fell 4.9% to close at $14.21 on Thursday.
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