Top 5 Energy Stocks That May Plunge In July

The most overbought stocks in the energy sector presents an opportunity to go short on these overvalued 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 overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

Tidewater Inc. TDW

• Tidewater recently announced pricing of $250 million senior unsecured bond issue. The company’s stock has a 52-week high of $61.97. .
• RSI Value: 70.52
• TDW Price Action: Shares of Tidewater fell 3% to close at $58.87 on Wednesday.

Noble Corporation Plc NE

• Noble Corporation is expected to report financial results for the second quarter 2023 on Aug. 2, 2023 after the U.S. market close. The company’s stock has a 52-week high of $52.41.
• RSI Value: 76.29
• NE Price Action: Shares of Noble Corporation fell 1.9% to close at $51.00 on Wednesday.

Helix Energy Solutions Group, Inc. HLX

• Helix Energy Solutions is expected to report its second quarter results on July 26, 2023, after the closing bell. The company has a 52-week high of $9.16.
• RSI Value: 73.60
• HLX Price Action: Shares of Helix Energy fell 1% to close at $8.35 on Wednesday.

ChampionX Corporation CHX

• Capital One recently initiated coverage on ChampionX with an Overweight rating and announced a price target of $40. The company’s 52-week high is $34.85.
• RSI Value: 76.70
• CHX Price Action: Shares of ChampionX fell 0.8% to close at $34.23 on Wednesday.

Tenaris S.A. TS

• Morgan Stanley recently maintained Tenaris with an Overweight and lowered the price target from $42 to $40. The company has a 52-week high of $38.00.
• RSI Value: 74.91
• TS Price Action: Shares of Tenaris fell 0.4% to settle at $32.27 on Wednesday.

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