RHP - Wall Street Has Given Up on These 3 Stocks and That's a Huge Mistake
Oil stock? Nobody's traveling. Hotel stock? Nobody's traveling. Mall stock? Nobody's shopping!
I get it. It's obvious why investors have turned their backs on Phillips 66 (NYSE: PSX), Tanger Factory Outlet Centers (NYSE: SKT), and Ryman Hospitality Properties (NYSE: RHP). The COVID-19 crisis has ground the economy to a halt, and few industries are more affected than hospitality, discretionary consumer retail, and oil.
That's why even with stocks having recovered some of their losses -- the S&P 500 is down about 18% from the peak, after falling almost 35% at one point -- these three are serious laggards. They're down 45%, 57%, and 64% respectively at recent prices, and there could be more pain to come since it could be well into the summer before the economy is able to open up in anything close to a meaningful way.