Oil & gas exploration stocks have had a rough 2024, but could be ready for for a rally
Energy stocks are pacing the S&P 500 (SPX) today, as investors rotate out of tech heavyweight Nvidia (NVDA) and settle into other sectors. With August-dated crude on the mend, its time to get acquainted with these three lesser-known oil & gas exploration stocks.
APA Corp. (NASDAQ:APA) is 4.2% higher to trade at $29.27 today, a welcome sign considering the stock fell to a two-year low of $27.17 on Thursday. APA is down 18.3% in 2024 and 10% year-over-year, with a March rally getting turned away at its 160-day trendline.
Devon Energy Corp (NYSE:DVN) stock is up 4.4% to trade at $47.84, now reclaiming its year-over-year breakeven level. The shares have traded as high as $55 and as low as $40 already in 2024, with the days of trading in triple digits back in 2009 far in the rear view mirror.
Occidental Petroleum Corp (NYSE:OXY) stock was last seen 4% higher to trade at $63.33, on track to secure its fifth win in the last six sessions and highest close since late May. Shares are also eyeing their best single-day percentage gain since February and their first close above the 60-day moving average in nearly two months, after staging a bounce off support at the $59 level just over one week ago. OXY also sports a 13% year-over-year lead.
The common technical thread with APA, DVN, and OXY is their oversold condition. All three stocks sport a 14-day Relative Strength Index (RSI) of 35 or lower, indicating today’s short-term bounce may have been in the cards.
