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 (NYSE:CRGY) 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. (NYSE:PBF) 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. (NYSE:PBF) 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 (NYSE:LYB) 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 (NYSE:LYB) 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. (NASDAQ:NEXT) 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. (NASDAQ:NEXT) 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. (NASDAQ:GTLB) has yet to issue a response in relation to the lawsuit.
Last month, GitLab Inc. (NASDAQ:GTLB) 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.
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