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Lufkin Industries, Inc. (LUFK) Shares Enter Oversold Territory

By Energy Stock Channel Staff, Monday, October 3, 4:16 PM ET
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In trading on Monday, shares of Lufkin Industries, Inc. (NASDAQ:LUFK) entered into oversold territory, changing hands as low as $47.94 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 Lufkin Industries, Inc., the RSI reading has hit 28.7 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 35.8, the RSI of WTI Crude Oil is at 38.7, and the RSI of Henry Hub Natural Gas is presently 35.2.

A bullish investor could look at LUFK's 28.7 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), LUFK's low point in its 52 week range is $42.63 per share, with $97.05 as the 52 week high point that compares with a last trade of $48.19. Lufkin Industries, Inc. shares are currently trading down about 9.4% on the day.

Lufkin Industries, Inc. 1 Year Performance Chart

According to the ETF Finder at ETF Channel, LUFK makes up 10.06% of the S&P SmallCap Energy Portfolio ETF (NASDAQ:PSCE) which is trading relatively unchanged on the day Monday.

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See what other stocks are held by PSCE

LUFK operates in the Oil & Gas Equipment & Services sector, among companies like Oceaneering International, Inc. (NYSE:OII) which is trading flat today, and Core Laboratories N.V. (NYSE:CLB) trading lower by about 3.3%. Below is a three month price history chart comparing the stock performance of LUFK, versus OII and CLB.

LUFK,OII,CLB Relative Performance Chart


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