Why These Energy Stocks are Losing This Week

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1. Empire Petroleum Corporation (NYSEAMERICAN:EP)

Share Price Decline Between Sep. 26 – Oct. 3: 9.52%

Topping our list of Energy Stocks Losing the Most This Week is Empire Petroleum Corporation (NYSE:EP), a conventional oil and natural gas producer with a main focus in the US onshore.

Empire Petroleum Corporation (NYSE:EP) surged by almost 20% last month due to an increase in crude oil prices amid the escalating tensions between Russia and Ukraine. However, oil prices have fallen to their 4-month low since then as the accelerated supply hikes from the OPEC+ and a potential US government shutdown continued to weigh down the market.

Moreover, Empire Petroleum Corporation (NYSE:EP) recently issued a $4 million promissory note to investor Phil E. Mulacek, with $2 million already advanced. The note carries a 5.5% annual interest and includes options for conversion into common stock and prepayment without penalty.

While we acknowledge the potential of EP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EP and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 15 Best Natural Gas and Oil Dividend Stocks to Buy Now and 12 Best LNG Stocks to Buy According to Hedge Funds.

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