In this piece, we will take a look at the five worst performing energy stocks in 2023. If you want to take a look at recent trends in the energy sector, then check out 15 Worst Performing Energy Stocks in 2023.
5. CBL International Limited (NASDAQ:BANL)
Year To Date Share Price Losses: 62.67%
CBL International Limited (NASDAQ:BANL) is a Malaysian company that listed its shares on the NASDAQ in March. The stock appreciated by more than 100% in the days before the listing was closed. However, the shares tanked a day after the firm filed its annual report for 2022 operations with the SEC.
Insider Monkey’s first quarter of 2023 survey covering 943 hedge funds revealed that only one had invested in CBL International Limited (NASDAQ: BANL) of March 2023 end.
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Follow Cbl International Ltd
4. Nine Energy Service, Inc. (NYSE:NINE)
Year To Date Share Price Losses: 64.24%
Nine Energy Service, Inc. (NYSE:NINE) enables oil and gas companies to build and manage their wells. Like several other energy companies, it missed analyst EPS estimates for its second quarter earnings. The stock is rated Buy on average and has been on a downward spiral since mid January.
During Q1 2023, 11 of the 943 hedge funds part of Insider Monkey’s research had held a stake in Nine Energy Service, Inc. (NYSE:NINE). Jeffrey Gendell’s Tontine Asset Management is the largest investor out of these through a $10 million investment.
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Follow Nine Energy Service Inc. (NYSE:NINE)
3. Trio Petroleum Corp. (NYSE:TPET)
Year To Date Share Price Losses: 69.82%
Trio Petroleum Corp. (NYSE:TPET) owns working interests in oil and gas exploration projects in multiple sites in California. The firm is busy testing its wells in Monterey, California, with initial data showing 125 barrels per day of production. Trio Petroleum Corp. (NYSE:TPET) has high expectations from its Monterey assets, as it expects the site to generate at least $2 billion in net present value.
2. Recon Technology, Ltd. (NASDAQ:RCON)
Year To Date Share Price Losses: 71.43%
Recon Technology, Ltd. (NASDAQ:RCON) is a small Chinese energy company that provides equipment such as furnaces, burners, and technologies used in oil production through fracturing. Its revenue dropped by 16.3% annually for the six months ending in June along with the year ago net income turning into a loss.
Insider Monkey dug through 943 hedge funds for their March quarter of 2023 shareholdings and discovered that two had bought the firm’s shares. Out of these, Recon Technology, Ltd. (NASDAQ:RCON)’s biggest stakeholder is Hal Mintz’s Sabby Capital since it owns 3.9 million shares that are worth $1.3 million.
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Follow Recon Technology Ltd
1. Enservco Corporation (NYSE:ENSV)
Year To Date Share Price Losses: 75.66%
Enservco Corporation (NYSE:ENSV) has operations in several U.S. states including Ohio, North Dakota, and Texas. It offers oil companies with well completion and other services. The stock is down significantly year to date, with events such as a $3.5 million public offering affecting the share price.
During this year’s first quarter, three of the 943 hedge funds part of Insider Monkey’s database had held a stake in Enservco Corporation (NYSE:ENSV). Jay Petschek and Steven Major’s Corsair Capital Management is the largest investor with a $427,134 investment.
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Follow Enservco Corp (NYSEMKT:ENSV)
Disclosure: None. You can also take a look at 15 Stocks that will 10x in 5 Years and 10 Most Profitable Small Businesses in 2023.
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