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| SandRidge Permian Trust Stock Getting Very OversoldBy Energy Stock Channel Staff, Friday, September 30, 3:51 PM ET
In trading on Friday, shares of SandRidge Permian Trust (NYSE:PER) entered into oversold territory, changing hands as low as $16.77 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of SandRidge Permian Trust, the RSI reading has hit 26.7 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 41.1, the RSI of WTI Crude Oil is at 38.8, and the RSI of Henry Hub Natural Gas is presently 38.1. A bullish investor could look at PER's 26.7 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), PER's low point in its 52 week range is $16.77 per share, with $19.36 as the 52 week high point — that compares with a last trade of $16.94. SandRidge Permian Trust shares are currently trading down about 5.8% on the day.
PER operates in the Oil & Gas Exploration & Production sector, among companies like Precision Drilling Corp. (NYSE:PDS) which is down about 8.5% today, and Patterson-UTI Energy Inc. (NASDAQ:PTEN) trading lower by about 5.2%. Below is a three month price history chart comparing the stock performance of PER, versus PDS and PTEN.
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