Top 2 Energy Stocks That May Rocket Higher This Month

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, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

ConocoPhillips (NYSE:COP)

• On May 2, ConocoPhillips (NYSE:COP) reported downbeat earnings for its first quarter. ConocoPhillips posted adjusted earnings of $2.03 per share, missing market estimates of $2.04 per share. The company’s quarterly sales came in at $14.476 billion versus expectations of $15.047 billion. Ryan Lance, chairman and chief executive officer said, "We remain constructive on the macro environment and are committed to delivering competitive shareholder returns, including at least $9 billion in planned return of capital for 2024." The company's stock fell around 7% over the past month and has a 52-week low of $98.38.
• RSI Value: 29.15
• COP Price Action: Shares of ConocoPhillips fell 0.7% to close at $119.83 on Thursday.

Berry Corporation (NASDAQ:BRY)       

• On May 1, Berry posted weaker-than-expected quarterly results. “In the first quarter, we delivered solid financial and operational results. The results are in line with projections, and we expect to deliver full-year results consistent with the production, capital and cost guidance we provided in March,” said Fernando Araujo, Berry’s Chief Executive Officer. The company's stock fell around 15% over the past month. It has a 52-week low of $6.22.
• RSI Value: 27.37
• BRY Price Action: Shares of Berry fell 1% to close at $7.10 on Thursday.

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