In this article, we are going to discuss the energy stocks that are losing this week.
It has been a volatile few days for the global energy industry, driven primarily by an ongoing dispute between the US and EU over Greenland, as well as the continued tensions between Washington and Tehran, which have raised concerns over a potential military action that could disrupt oil flows in the Middle East. As a result, WTI crude oil futures have witnessed a strong rebound since hitting a near 5-year low earlier this month and are currently hovering above $60 per barrel.
The uptick has also been supported by the ongoing outages in Kazakhstan, as oil output at the country’s giant Tengiz has yet to resume following a shutdown caused by a fire last week. JP Morgan expects the oilfield to remain offline for the rest of January, resulting in the country’s crude output to average 1.0-1.1 million bpd during the month, against the usual level of around 1.8 million bpd.
Meanwhile, US crude output is also expected to drop as a historic winter storm sweeps across the country, prompting operators to shut in production in key basins. The stormy conditions are also expected to reach the oil-rich Permian basin and could lead to a total loss of around 300,000 barrels per day, according to Energy Aspects.
The cold snap has also pushed the natural gas prices to a 3-year high. According to BloombergNEF, the freezing weather will lead to a near-record withdrawal of gas from storage for heating purposes.
Our Methodology
To collect data for this article, we used several stock screeners to identify energy stocks that have fallen the most between January 16 and January 23, 2026. The following are the Energy Stocks that Lost the Most This Week. The stocks are ranked according to their share price decline during this period.
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7. NuScale Power Corporation (NYSE:SMR)
Share Price Decline Between Jan. 16 – Jan. 23: 2.08%
NuScale Power Corporation (NYSE:SMR) provides small modular reactor technology solutions. The company’s groundbreaking NuScale Power Module is a 12-module plant capable of producing up to 924 MWe of carbon-free energy.
On January 20, RBC Capital significantly reduced its price target on NuScale Power Corporation (NYSE:SMR) from $32 to $21, but maintained a ‘Sector Perform’ rating on the shares. The revision, which still indicates an upside of over 6% from current levels, comes as part of the firm’s broader research note previewing Q4 for the American clean energy sector. While expectations of stronger demand and bookings have pushed valuations higher, the analyst remains optimistic given the strong macro backdrop.
Nuclear technology is witnessing a resurgence amid the ongoing AI boom, with multiple hyperscalers signing long-term PPAs to ensure they have sufficient clean energy to power their data centers. However, RBC’s Speculative Risk qualifier reflects the risk associated with NuScale’s small modular reactor (SMR) technology, as it hasn’t yet been commercially deployed at scale.
6. North American Construction Group Ltd. (NYSE:NOA)
Share Price Decline Between Jan. 16 – Jan. 23: 2.95%
North American Construction Group Ltd. (NYSE:NOA) provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States. The company offers mine management services for a thermal coal mine, and construction and operations support services in the Canadian oil sands region.
North American Construction Group Ltd. (NYSE:NOA) announced a significant leadership change on January 21, with Joe Lambert resigning from his position as President and CEO to ‘pursue other opportunities’. Moreover, the company revealed that its COO, Barry Palmer, has assumed the role of President and CEO effective immediately. Meanwhile, NOA is assessing both internal and external candidates to permanently assume the leadership role.
Martin Ferron, Chairman of the Board of Directors, commented:
“I would like to take this opportunity to thank Mr. Lambert for his dedication and loyalty to the Company. During his tenure, Joe successfully led the Company to new levels of geographic and commodity diversification while also navigating through unprecedented challenges. In no small part due to his leadership, NACG is now very well positioned to be a strong competitor in the civil construction, mining and earthworks markets throughout North America and Australia. I wish Joe all the best in his future endeavors.”
North American Construction Group Ltd. (NYSE:NOA) announced last month that it had signed a C$115 million deal to buy Iron Mine Contracting in Western Australia, strengthening its presence in the country’s thriving mining industry. The company confirmed that, despite the leadership change, the closing activities for the deal remain on schedule, with a targeted closing this quarter.
5. Par Pacific Holdings, Inc. (NYSE:PARR)
Share Price Decline Between Jan. 16 – Jan. 23: 4.5%
Par Pacific Holdings, Inc. (NYSE:PARR) is a growth-oriented company that owns and operates market-leading energy and infrastructure businesses in logistically complex markets.
On January 12, Piper Sandler lowered the firm’s price target on Par Pacific Holdings, Inc. (NYSE:PARR) from $59 to $57, while keeping an ‘Overweight’ rating on the shares. The analyst expects the American refining sector to witness the greatest near-term impact of the US action in Venezuela, as the Gulf Coast refineries are well-equipped to refine the sour, heavy crude coming from the South American country. The analyst believes that the current crude flow from Venezuela to the Gulf Coast could be raised from the current 200,000 barrels per day to over 400,000 barrels per day, with the help of a combination of US involvement and sanctions relief.
The revision comes a few days after Piper Sandler had already cut its price target on PARR from $62 to $59 on January 8.
Par Pacific Holdings, Inc. (NYSE:PARR) posted gains of over 114% last year, putting it among the 11 Best Performing Energy Stocks in 2025.
4. Constellation Energy Corporation (NASDAQ:CEG)
Share Price Decline Between Jan. 16 – Jan. 23: 6.06%
Constellation Energy Corporation (NASDAQ:CEG) is the largest private-sector power producer, the largest producer of clean energy, and the leading operator of nuclear power plants in the United States.
On January 20, Wells Fargo analyst Shahriar Pourreza lowered the firm’s price target on Constellation Energy Corporation (NASDAQ:CEG) from $478 to $460, but kept an ‘Overweight’ rating on the shares. The reduced price target still represents an upside potential of 59% from the current share price, with the analyst firm acknowledging that CEG remains its Best IPP Idea. Wells Fargo continues to believe that Constellation remains rich with catalysts, with both asset opportunities and multiple DC deals in the pipeline.
Constellation Energy Corporation (NASDAQ:CEG) also witnessed a setback on January 17 when the President’s National Energy Dominance Council (NEDC) announced that it had signed an agreement with a group of regional governors to address the escalating electricity prices caused by the ballooning demand from data centers. The agreement seeks caps on the amount existing power plants can charge in the PJM capacity market, with an aim to ‘urge PJM to make electricity more affordable for residential customers and strengthen grid reliability by building more than $15 billion of reliable baseload power generation’.
Constellation Energy Corporation (NASDAQ:CEG) emerged as a key player to power the ongoing AI boom last year and signed multiple long-term PPAs with hyperscalers. With gains of almost 58%, CEG was ranked among the 10 Best Performing Utility Stocks in 2025.
3. Murphy Oil Corporation (NYSE:MUR)
Share Price Decline Between Jan. 16 – Jan. 23: 6.87%
Murphy Oil Corporation (NYSE:MUR) is a global independent oil and natural gas exploration and production company.
Murphy Oil Corporation (NYSE:MUR) fell after the company announced on January 19 that it had encountered noncommercial quantities of hydrocarbons across multiple intervals in the first of its three-well exploration campaign offshore Côte d’Ivoire. The Civette-1X exploration well is in Block CI-502, in which Murphy holds a 90% working interest, while the remaining 10% belongs to the state-owned PETROCI.
Eric Hambly, President and CEO of Murphy Oil Corporation (NYSE:MUR), stated:
“A key outcome at Civette is that we confirmed the presence of hydrocarbons in this frontier play – a meaningful success in early-stage exploration. While Civette did not meet commercial thresholds, the well provided insights that strengthen our subsurface understanding for the potential of the basin and inform the remaining prospectivity on the CI-502 Block.”
Moreover, on January 23, Morgan Stanley reduced its price target on Murphy Oil Corporation (NYSE:MUR) from $27 to $25 while maintaining an ‘Underweight’ rating. The analyst firm marked its 2026-27 oil price forecasts as of January 7 in conjunction with its Q4 preview for the E&Ps, oil majors, and Canadian oil producers. Morgan Stanley expects operational updates for Q4 to be ‘fairly clean’, but projects lighter cash flow from price realizations.
2. Sable Offshore Corp. (NYSE:SOC)
Share Price Decline Between Jan. 16 – Jan. 23: 10.24%
Sable Offshore Corp. (NYSE:SOC) is an independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California.
Sable Offshore Corp. (NYSE:SOC) suffered a blow on January 23 after California’s attorney general, Rob Bonta, filed a lawsuit against the Trump administration for asserting federal authority to restart the company’s controversial oil pipeline in the state. Mr. Bonta called the federal government’s actions of reclassifying the Las Flores pipelines as interstate ‘an unlawful power grab’, as they run between two California counties.
The lawsuit marks the latest development in a fiery dispute between the Californian authorities and Sable Offshore Corp. (NYSE:SOC). The company scored a major win last month when the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved its request to shift the pipeline from state to federal oversight, citing a national energy emergency declared by President Trump last year. However, the project continues to face strong local resistance, and Sable was also hit with an emergency lawsuit seeking to block the restart on December 26.
1. HighPeak Energy, Inc. (NASDAQ:HPK)
Share Price Decline Between Jan. 16 – Jan. 23: 14.53%
Topping our list of Energy Stocks that Lost this Week is HighPeak Energy, Inc. (NASDAQ:HPK). It is an independent oil and natural gas company engaged in the acquisition, development, and production of oil, natural gas, and NGL reserves.
On January 16, BofA lowered its price target on HighPeak Energy, Inc. (NASDAQ:HPK) from $6.50 to $5, while keeping an ‘Underperform’ rating on the shares. Despite the cut, the price target indicates an upside of almost 27% from the current levels. BofA remains cautious on the oil backdrop amid ongoing trade disputes and oversupply issues. Given the low-priced environment, the analyst favors companies with resilient portfolios and low breakevens, which allow them to fully cover their capital expenditures and dividends.
Following the recent downturn, HighPeak Energy, Inc.’s (NASDAQ:HPK) share price has fallen by around 72% over the last year.
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READ NEXT: 10 Best Performing Utility Stocks in 2025 and 11 Best Energy Stocks to Buy for Dividends in 2026.
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