Why These Energy Stocks Are Losing This Week

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1. Brooge Energy Limited (NASDAQ:BROG)

Share Price Decline Between Mar. 10 and Mar. 17: 11.4%

Brooge Energy Limited (NASDAQ:BROG) is the parent company of Brooge Petroleum and Gas Investment Company FZE, which operates as a midstream oil storage and service provider out of the Emirate of Fujairah in the United Arab Emirates.

Shares of Brooge Energy Limited (NASDAQ:BROG) plunged last week after it was confirmed that the company is set to be acquired by Gulf Navigation Holding PJSC for AED 3.2 billion, despite earlier reservations from minority shareholders regarding potential dilution of their holdings. Moreover, the takeover comes amid a backdrop of legal challenges for Brooge Energy, including a fraud complaint against the company’s auditor, Ernst & Young, alleging failure to detect fabricated revenues in the company’s reports for 2018, 2019, and 2020.

Overall, Brooge Energy Limited (NASDAQ:BROG) ranks first on our list of the energy stocks that are losing this week. While we acknowledge the potential for energy stocks, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BROG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

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