EQT has finished November higher only three times in the last 10 years
Wall Street is struggling amid AI overvaluation fears, as well as warnings from chief executives at Morgan Stanley (MS) and Goldman Sachs (GS) of an up to 20% equity market pullback in the next one to two years. Whether you lean bullish or bearish, it's good to take a look at our list of historical underperformers and outperformers for the month.
EQT Corp (NYSE:EQT) takes the top spot on Schaeffer's Senior Quantitative Analyst Rocky White list of worst S&P 500 Index (SPX) names to own in November, going back 10 years. The energy name finished the month lower in seven times in the last decade, averaging a 6% loss.
The security is today pacing for its fourth-straight gain amid support from the 200-day moving average, and sports a 21.5% year-to-date lead. The shares have struggled with long-term resistance at the $58 region since early October, however, after in September hitting their lowest level since April.
Short-term options traders have been much more bearish than usual. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.73, which ranks in the 91st percentile of annual readings.
Options look affordably priced, too, as EQT's Schaeffer's Volatility Index (SVI) of 40% sits in the 20th percentile of annual readings. The security also tends to underperform options traders' volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) of 12 out of 100. In other words, the security looks like prime premium-selling candidate.