Midday Overview: High-Potential Energy Stocks & $10 Winners

In today’s financial update, the stock market is experiencing a downturn on Friday, following a notable achievement where both the S&P 500 and Nasdaq marked their fourth consecutive record closes on Thursday.

As of, 11:27 AM ET, the Dow was down -134.41 points, or -0.3478%, at $38512.68. The Nasdaq Composite added 20.2734 points, or 0.1036%, at $19597.197. The S&P 500 declined -14.16 points, or -0.2606%, at $5419.59. Among the 11 major S&P 500 sectors, 6 showed negative movement, with Utilities leading the way with a -1.62% decrease.

Meanwhile, a dip in consumer sentiment was observed with the University of Michigan’s index falling to 65.6 in early June from 69.1 in May, deviating from economists' expectations of a rise to 73, according to preliminary data released Friday.

In other news, Thursday's market was buoyed by indications of a weakening economy coupled with reduced inflation rates. These factors are anticipated to provide the Federal Reserve with ample room to cut interest rates later this year.

Top Movers: Under $10

SRIVARU Holding Ltd. (SVMH) is up 110.49% today to trade at the current level of $0.32. This comes after the company revealed it'll accept paid reservations for its PRANA 2.0 electric motorcycle, a performance-focused value proposition, starting June 16th.

American Resources Corporation (AREC) zoomed 41.89% in today’s trade to $1.05. The company responded to recent market volatility in its stock price and false information posted in certain online chat rooms stating American Resources Corporation is issuing 20 million shares at 48 cents per share.

In current trading, FOXO Technologies Inc (FOXO) stock is at $0.30 after announcing that it has entered into two share exchange agreements with Rennova Health, Inc., an OTC listed company (OTC: RNVA).

Bio-Path Holdings Inc (BPTH) rose 23.00% in the early hours of today's trading to move at $2.46 after presenting data from an ongoing phase 2 combination study of Prexigebersen for treatment of acute myeloid leukemia at the European hematology association congress

In the current trading session, Renalytix Plc ADR (RNLX) jumped 20.22% to $0.56 over a previous close of $0.47 after announcing that on June 13, 2024 Medicare issued a final Local Coverage Determination ("LCD") for the Company's kidneyintelX.dkd testing.

Ex-Dividends Stocks

DTE Energy Co. (DTE) is about to trade ex-dividend on Monday, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $1.02 per share. It has fixed June 17 as the record date for the same and will pay the actual dividend on July 15. Last year, the company distributed a total of $3.95 to its shareholders. Based on the last year's worth, DTE has a trailing yield of 3.52% at the current stock price of $112.13.

Another stock that is shelling out dividends on Monday is Huntington Bancshares, Inc. (HBAN), having a market capitalization of $17.68B. It will pay a dividend of $0.15 per share, the payment date of which is July 01. Currently, the stock is trading at a trailing dividend yield of 5.08%.

Shares of KBR Inc (KBR) will be the talk of the stock market on Monday as the stock will turn ex-dividend. The company's next dividend payment will be $0.15 per share, and in the last 12 months, it paid a total of $0.56 per share. Last year's total dividend payments show that KBR has a trailing yield of 0.88% on the current share price of $62.76.

Merck & Co Inc (MRK) is also set to go ex-dividend on Monday. The next dividend payment from MRK will amount to $0.77 per share. June 17 has been designated as the record date for this dividend, with the actual payout scheduled for July 08. In the previous year, MRK distributed a total of $3.00 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for MRK stands at 2.32% based on the current stock price of $129.32.

Prologis Inc (PLD) will be paying out a dividend of $0.96 per share to shareholders holding their shares as of the close of business hours on the record date of June 17. Over the past 12 months, PLD has paid out a total of $3.57 per share in dividends. Based on the total dividends paid out last year, PLD boasts an impressive trailing yield of 3.21% on the current share price of $111.13.

Crypto Market Highlights

• Turkey is set to introduce new taxes, including a 0.03% transaction tax on cryptocurrency trading, to address its budget deficit caused by 2023’s earthquakes and to revamp financial transaction regulations.

• American software technology firm MicroStrategy has priced a new $700-million debt offering due in 2032, which it will use to buy more Bitcoin.

• Renowned digital artist Beeple has revealed his latest artwork, “Mother and Daddy (2024),” amid a surge of celebrity memecoin launches.

• Major hardware cryptocurrency wallet firm Trezor has launched Trezor Expert, a personalized one-on-one onboarding service, to address crypto’s usability problems and has introduced a new hardware wallet.

• The Bank of International Settlements (BIS) has unveiled its new innovation hub in Toronto, Canada, in collaboration with the Bank of Canada, to advance the BIS Innovation Hub’s work.

• Bitcoin mining company Bitfarms announced its expansion into the United States with a new site in Sharon, Pennsylvania.

  Boost Your Trading Game: Small Account, Big Gains Strategy!
  
  Ever dreamt of turning a modest trading account into a wealth powerhouse? Ex-Wall Street guru unveils his top strategy for explosive growth. Don't miss out on the secret that could multiply your investments. Act now to unlock the potential of your portfolio!
  
  Click for exclusive access.
  Sponsored

Most Shorted Stocks

Upstart Holdings Inc (UPST) was one of the most shorted stocks as of the latest short interest figures, with 34.12% short interest. The days-to-cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 5.4. This represents a change of -330000 shares, which corresponds to a -1.27% decrease in short interest. The total value of the shares held short is estimated to be around $584.99 million. The average daily volume stands at 4.86M shares, and the market capitalization of the company is $2.00B.

For the stock Guess Inc. (GES), the current short interest is at 33.24%. This represents a significant short interest change of 520000 shares, corresponding to a short interest percentage increase of +5.86%. The days needed to cover the short positions amount to 6.4. The approximate worth of the shares held short is $202.82 million.

With the symbol LMND, the stock currently has a short interest of 32.75%. The short interest change is 420000 shares, compared with a short interest percentage change of +2.58%. It would take approximately 11.9 days to cover all the short positions. The shares short value is estimated to be around $139.16 million. The company boasts an average daily volume of 1.37M shares, contributing to a market capitalization of $1.04B.

The stock MED has a current short interest of 32.30%. The short interest percentage has experienced an increase of +6.17% while there was a change of 200000 shares in short interest. The ratio indicating the time required to cover short positions is 7.0 Days to Cover. The calculated worth of the shorted shares amounts to around $326.49 million. Trading activity averages at 496.59K shares per day, while the company's market capitalization stands at $213.90M.

Energy Stocks to Watch

According to our ST Score evaluation, Scorpio Tankers Inc (STNG) emerges as a high-quality stock in the Energy industry, attaining an impressive score of 64.0. The stock's valuation, profitability, financial strength, and Piotroski Score are strong. Additionally, it is neutral in terms of performance, growth, stock sentiment, and forecast.

Our ST Score also classifies Imperial Petroleum Inc (IMPP) as a high-quality Energy stock today, presenting a Score of 54.0. The stock has strong fundamentals in terms of valuation, and financial strength. However, it has weak growth and stock sentiment. The profitability, performance, Piotroski Score, and forecast are neutral.

Another stock in the category, Tsakos Energy Navigation Limited (TNP) has an ST Score of 58.0, which means that the stock carries the potential for higher returns. The stock is strong in valuation and financial strength. Profitability, performance, growth, stock sentiment, piotroski score, and forecast suggest a neutral outlook.

Teekay Corp (TK) stock has an ST Score of 66.0 which implies that the Energy company has a high probability of beating the market. The stock's strengths lie in its valuation, financial strength, and Piotroski Score. However, it shows a neutral outlook in profitability, performance, growth, stock sentiment, and forecast.

VAALCO Energy, Inc. (EGY) currently has an ST Score of 54.0, which signifies a huge upward potential. The Energy stock's strong points are its financial strength, and Piotroski Score, while its weak points are its growth. The stock's value, profitability, performance, stock sentiment, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team