Why These Energy Stocks Are Losing This Week

2. EON Resources Inc. (NYSE:EONR)

Share Price Decline Between Apr. 22 and Apr. 29: 9.55%

EON Resources Inc. (NYSE:EONR) is an upstream energy company focused on oil and gas properties in the Permian basin.

EON Resources Inc. (NYSE:EONR) recently reported its FY 2024 results, posting total revenue of $19.4 million. The company’s annual net loss came in at $9.1 million, and its quarterly performance varied significantly throughout the year, with only Q3 showing profitability.

That said, while the rest of the oil industry was rattled by a sharp decline in global crude prices earlier this month, EON Resources Inc. (NYSE:EONR) surged by over 29% after the company revealed that it had contractually hedged approximately 70% of its oil production, receiving between $70.1 to $70.5 per barrel.