Why These Energy Stocks Are Losing This Week

7. Barnwell Industries, Inc. (NYSE:BRN)

Share Price Decline Between Apr. 22 and Apr. 29: 6.3%

Barnwell Industries, Inc. (NYSE:BRN) is engaged in oil and natural gas development, production, and sales in Canada and the US.

Barnwell Industries, Inc. (NYSE:BRN) has been going through some leadership uncertainties recently due to an ongoing hostile takeover attempt by certain shareholders, thus threatening company stability. However, BRN recently announced that Glass Lewis, an independent proxy advisory firm, has resoundingly rejected the Sherwood Group’s efforts to take control of the company and declared the removal of Barnwell directors Ken Grossman, Josh Horowitz, and Alex Kinzler to be unwarranted. The company also reiterated that its current Board and management have already implemented significant operational improvements, including cost reductions, divestitures, and a leadership transition.