Ten stocks lost their momentum on Wednesday, as investors disposed of positions after the US and Iran agreed to a two-week ceasefire.
Of the 10 firms, energy companies notably dominated the list, with investor sentiment dampened by the plunge in oil prices as a result of the two countries’ truce.
In this article, we identify the 10 worst-performing stocks on Wednesday and break down the reasons behind their drop.
To come up with the list, we focused on the companies with a $2 billion market capitalization and 5 million shares in trading volume.
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10. Crescent Energy Company (NYSE:CRGY)
Crescent Energy snapped a three-day winning streak on Wednesday, shedding 6.79 percent to close at $12.77 apiece, after oil prices plunged sharply following the US and Iran’s two-week ceasefire.
Crescent Energy Company (NYSE:CRGY) declined alongside its counterparts, namely PBF Energy, Venture Global, and Sasol Ltd., among others, mimicking the steep drop in oil prices in early trading on Wednesday after US President Donald Trump announced a two-week ceasefire with Iran.
Under Washington’s condition, Iran must open the Strait of Hormuz—a critical waterway passage for 20 percent of global crude oil demand.
The strait was ordered shut under Iranian control since the war began in February, and sent prices of crude oil soaring.
However, oil companies benefited from the surging oil prices for weeks, as increased prices may translate to higher profit margins.
Founded in 2020, Crescent Energy Company is a US-based independent oil and gas company that focuses on acquiring and operating a diversified portfolio of low-decline assets.
Last week, investment firm Raymond James maintained a “strong buy” recommendation for its stock, while raising its price target by 27 percent to $19 from $15 previously.
The figure marked a 49 percent upside potential from its latest closing price.
9. PBF Energy Inc. (NYSE:PBF)
PBF Energy dropped for a second day on Wednesday, shedding 6.82 percent to finish at $43.03 apiece as investors unloaded portfolios after oil prices plunged by double digits early in the day.
In intra-day trading, crude oil prices fell by 15 percent after President Donald Trump’s announcement that the US and Iran have agreed to a two-week conditional ceasefire, if the latter reopens the Strait of Hormuz.
The Strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil soaring, as shipping giants looked for alternative paths to transport oil.
PBF Energy Inc. (NYSE:PBF) fell alongside its counterparts, namely Crescent Energy, Venture Global, and Sasol Ltd., among others, having benefited for weeks from the surging crude oil prices, which typically benefit oil companies through higher profit margins.
Founded in 2008, PBF Energy Inc. is a US-based major independent petroleum refiner with refineries located in Delaware, Ohio, New Jersey, California, and Louisiana.
In a notice to its investors, PBF Energy Inc. said that it would announce the results of its earnings performance for the first quarter of the year before market open on Thursday, April 30.
For the period, the company expects to register a throughput range of 810,000 to 870,000 barrels per day.
8. LyondellBasell Industries NV (NYSE:LYB)
LyondellBasell dropped its share prices by 7.53 percent on Wednesday to close at $74.22 apiece, as investors sold off positions after a ceasefire between the US and Iran, whose war gave a much-needed boost to the industry for weeks.
The stock fell alongside its counterparts, including CF Industries, after President Donald Trump announced that Washington and Iran shook hands for a two-week ceasefire on the condition that Iran reopen the Strait of Hormuz.
It can be recalled that chemical manufacturers, including LyondellBasell Industries NV (NYSE:LYB), benefited from more than a month of missile strikes due to supply disruptions that sent prices of their commodities higher.
In other news, LyondellBasell Industries NV said that it would announce the results of its earnings performance for the first quarter of the year before market open on Friday, May 1. A conference call will be held to discuss the results.
Earlier, LyondellBasell Industries NV posted a cautiously optimistic outlook for the first quarter of the year, amid the volatility in feedstock and energy prices.
In North America, tight year-end inventories, reduced supply due to winter storm Fern and stronger seasonal demand were expected to support prices of polyethylene.
In Europe, it is expected that seasonal trends will lead to improved demand.
Meanwhile, oxyfuel profitability was expected to normalize following a volatile 2025 with typical seasonal margin improvements toward the end of the first quarter.
7. NextDecade Corp. (NASDAQ:NEXT)
NextDecade ended three straight days of losses on Wednesday, losing 7.55 percent to close at $8.08, as investors unloaded positions in energy companies amid the US and Iran’s two-week ceasefire.
NextDecade Corp. (NASDAQ:NEXT) dropped alongside its counterparts, including Venture Global, following President Donald Trump’s announcement that the US and Iran have agreed to a two-week ceasefire on condition of the latter reopening the Strait of Hormuz.
The news, however, dampened sentiment for oil and gas companies, having benefited for weeks from the tensions that sparked surging prices for their commodities.
On the same day, prices of natural gas fell to $2.7025/MMBtu, with a potential to drop lower if the ceasefire stays, according to Oxford Economics lead US economist Bernard Yaros.
“But again, it’s going to really depend on the global energy market’s perception of the safety of going through the Strait of Hormuz,” he noted.
NextDecade Corp. is a US-based liquefied natural gas (LNG) company currently developing the Rio Grande LNG facility in Texas.
Upon full operations, the facility would be capable of producing 48 MTPA of potential liquefaction capacity.
Late last month, NextDecade Corp. said that it widened its net loss attributable to shareholders by 396 percent to $306 million from $61.7 million in 2024.
6. GitLab Inc. (NASDAQ:GTLB)
GitLab snapped a six-day winning streak on Wednesday, losing 7.82 percent to finish at $21.34 apiece, after an investor slapped one of its founders and members of the board for allegedly pushing the firm to implement a buyback program that would have him regain control of the firm without spending a penny.
A report by Bloomberg said that an investor sued GitLab Inc. (NASDAQ:GTLB) Chairman Sytse Sijbrandij and the company’s board members over a $400 million buyback program, alleging that the buyback was not only to boost shareholder value but to consolidate control, with his voting power expected to be pushed back above the 50 percent level.
According to the complaint, the buybacks would immediately hike Sijbrandij’s ownership percentage by directly reducing the overall number of outstanding shares, while also delaying the sunset of his supervoting Class B shares.
As of writing, GitLab Inc. has yet to issue a response in relation to the lawsuit.
Last month, GitLab Inc. said that it would embark on a $400 million repurchase program as a reflection of confidence in the company’s long-term growth trajectory and commitment to delivering shareholder value.
5. Patterson-UTI Energy Inc. (NASDAQ:PTEN)
Patterson-UTI fell by 8.01 percent on Wednesday to close at $10.33 apiece, mirroring the decline in energy shares after the US and Iran agreed to a two-week ceasefire.
Patterson-UTI Energy Inc. (NASDAQ:PTEN), a leading oil and gas drilling company, declined alongside its counterparts after the prices of benchmark crude oil plunged by 15 percent in intraday trading following President Donald Trump’s announcement that the US and Iran would hold a two-week ceasefire on condition that the latter reopens the Strait of Hormuz.
The Strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping giants were forced to look for alternative paths to transport the said commodities.
Patterson-UTI Energy Inc. similarly benefited from the higher oil prices over the past few weeks amid the supply disruptions and global demand surge that sparked increased drilling services.
Patterson-UTI Energy Inc. is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other countries.
Last year, it narrowed its net loss by 90.4 percent to $93.05 million from $966.4 million in 2024. Revenues declined by 10.8 percent to $4.8 billion from $5.38 billion year-on-year.
4. SM Energy Company (NYSE:SM)
SM Energy declined by 8.10 percent on Wednesday to finish at $28.81 apiece, tracking the decline in energy firms after the US struck a two-week ceasefire with Iran.
The stock fell alongside its counterparts, following President Donald Trump’s announcement that the US and Iran would hold a two-week ceasefire on condition that the latter reopens the Strait of Hormuz.
The Strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping giants were forced to look for alternative paths to transport the said commodities.
Meanwhile, SM Energy Company (NYSE:SM) and other oil and gas firms for weeks have benefitted from the surging oil prices, which investors expected to propel its profit margins higher in the first quarter of the year.
In other news, SM Energy Company said that it would announce the results of its first quarter earnings performance during market hours on May 7, 2026. A conference call will be held to elaborate on the results.
3. Sasol Ltd. (NYSE:SSL)
Sasol snapped a three-day winning streak on Wednesday, losing 8.38 percent to close at $12.46 apiece, as investor sentiment was dragged down by the double-digit decline in crude oil prices, thanks to the official ceasefire between the US and Iran.
Sasol Ltd. (NYSE:SSL) fell alongside its counterparts, having benefited for weeks from the higher oil prices and supply crunch.
Late on Tuesday, President Donald Trump announced that the US and Iran have agreed to a two-week ceasefire on condition of the latter reopening the Strait of Hormuz.
The Strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping giants were forced to look for alternative paths to transport the said commodities.
Meanwhile, the decline can also be attributed to profit-taking after Sasol Ltd. soared to a new two-year high in the previous trading day.
Last month, investment firm JPMorgan turned bullish for Sasol Ltd., upgrading its price target by 122 percent and upgrading its rating to “overweight” from “underweight” previously, on expectations that the latter would benefit from the recent oil price surge and continued supply issues.
2. Venture Global Inc. (NYSE:VG)
Venture Global ended two straight days of gains on Wednesday, shedding 9.69 percent to close at $14.44 apiece, as investors sold off positions in oil and gas companies after the easing tensions between the US and Iran.
Late on Tuesday, President Donald Trump announced that the US and Iran have agreed to a two-week ceasefire on condition of the latter reopening the Strait of Hormuz.
The strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping giants were forced to look for alternative paths to transport the said commodities.
For weeks, oil and gas companies, including Venture Global Inc. (NYSE:VG) have benefitted from the war amid the supply disruptions that sent prices soaring.
In other news, Venture Global Inc. late last month announced that it finally settled an arbitration case filed by Edison SpA in relation to its failure to supply the latter with liquefied natural gas (LNG) from its Calcasieu Pass facility in Louisiana within the committed time.
The two companies inked a long-term LNG supply contract in 2017, with deliveries supposed to begin around 2022 to 2023.
Venture Global Inc. said that completion of the settlement is expected this quarter, with LNG deliveries targeted for next month.
“The agreement represents a significant step in strengthening commercial cooperation between the parties and it establishes a foundation for further future deliveries in the context of the disruption caused by ongoing geopolitical events,” Venture Global Inc. said.
“Both parties welcome this agreement, as it further consolidates long‑term deliveries and enhances the commercial partnership between Venture Global and Edison, which is an important foundational customer of the Calcasieu Pass project. The parties look forward to continuing to work together to pursue Venture Global’s mission of stabilizing global LNG/gas markets and to further consolidate Edison’s role in guaranteeing the stability and security of Italy’s energy supply,” it noted.
1. APA Corp. (NASDAQ:APA)
APA Corp. fell by 9.80 percent on Wednesday to finish at $38.75 apiece, mirroring the decline on crude oil prices after the US and Iran agreed to a two-week ceasefire.
APA Corp. (NASDAQ:APA) fell alongside its energy counterparts following President Donald Trump’s announcement that the US and Iran have agreed to a two-week ceasefire on condition of the latter reopening the Strait of Hormuz.
The strait is a critical waterway passage where 20 percent of global crude oil demand passes through. Since the start of the war, it was ordered shut under Iranian control, sending prices of global crude oil and natural gas soaring, as shipping firms were forced to look for alternative paths to transport the said commodities.
Over the past weeks since the war started, APA Corp. and its oil and gas peers have benefitted from the price surge, sparking buying appetite for their stocks as investors bet that it would propel their profit margins higher for the first quarter.
In other news, APA Corp. said that shareholders on record as of April 22, 2026 are set to receive $0.25 worth of dividends per share held, payable on May 22.
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