Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of March 12, 2024, five stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
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 overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
Gulf Island Fabrication, Inc. (NASDAQ: GIFI)
- On March 7, Gulf Island Fabrication reported a year-over-year increase in fourth-quarter revenue results. “Our strong fourth quarter results cap off an excellent year for Gulf Island and reflect the continued favorable end market trends in our core Gulf Coast region, combined with the benefits of the successful execution of our strategic initiatives,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. The company’s stock gained around 37% over the past five days and has a 52-week high of $7.37 .
- RSI Value: 87.12
- GIFI Price Action: Shares of Gulf Island Fabrication gained 5.6% to close at $6.94 on Monday.
- On March 11, EQT Corporation (NYSE: EQT) announced that it entered into a definitive merger agreement to acquire Equitrans Midstream. The company’s stock gained around 6% over the past five days and has a 52-week high of $11.71.
- RSI Value: 74.44
- ETRN Price Action: Shares of Equitrans Midstream gained 1.5% to close at $11.32 on Monday.
- On Jan. 30, Marathon Petroleum reported better-than-expected fourth-quarter financial results. The company’s stock gained around 5% over the past five days has a 52-week high of $181.63.
- RSI Value: 71.56
- MPC Price Action: Shares of Marathon Petroleum gained 1% to close at $181.41 on Monday.
- On Feb. 16, DT Midstream reported fourth-quarter fiscal 2023 operating earnings of $121 million, compared to $91 million in prior quarter. “We successfully executed on the largest construction program in our history last year, completing key expansions ahead of schedule and on budget. These projects will deliver strong growth over the next two years,” commented David Slater, President and CEO. The company’s stock jumped around 11% over the past month and has a 52-week high is $58.90.
- RSI Value: 75.58
- DTM Price Action: Shares of DT Midstream rose 0.5% to close at $58.57 on Monday.
- On Feb. 14, Antero Midstream posted better-than-expected quarterly earnings. The company’s stock jumped around 14% over the past month and has a 52-week high of $13.72.
- RSI Value: 72.24
- AM Price Action: Shares of Antero Midstream gained 2.5% to close at $13.68 on Monday.
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