Eyeing Energy Stocks: Signs of a Rough Q1 Ahead – Permian Resources (NYSE:PR), SFL Corp (NYSE:SFL) Eyeing Energy Stocks: Signs of a Rough Q1 Ahead – Permian Resources (NYSE:PR), SFL Corp (NYSE:SFL)

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By Ronald Tech

As of Feb. 27, 2024, the energy sector is sending a clear message to investors who rely on momentum in their trading decisions.

The Relative Strength Index (RSI) acts as a litmus test for momentum, indicating how a stock may perform in the short term based on its price action. An RSI above 70 is a red flag for being overbought.

Let’s delve into the notable overbought energy stocks in the current landscape.

Smart Sand, Inc. SND

  • Smart Sand filed for a mixed shelf offering up to $200 million on Jan. 17. The company witnessed a 6% surge in stock price over the past five days, hitting a 52-week high of $2.65.
  • RSI Value: 74.49
  • SND Price Action: Shares closed at $2.00 on Monday.

Permian Resources Corporation PR

  • On Jan. 30, Truist Securities analyst Neal Dingmann reiterated a Buy rating on Permian Resources and raised the price target from $22 to $23. The company saw a 12% increase in stock value over the last month, with a 52-week high at $15.49.
  • RSI Value: 74.40
  • PR Price Action: Permian Resources closed at $15.20 on Monday, up 1%.

SFL Corporation Ltd. SFL

  • On Feb. 14, SFL boasted strong quarterly results. The company experienced a 10% surge in stock price over the past month, reaching a 52-week high of $13.41.
  • RSI Value: 75.89
  • SFL Price Action: SFL concluded Monday at $13.39, up 1.6%.

 

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