The Dow Jones Industrial Average eked out another all-time-high on Friday — its 11th record close in a row.
The S&P 500 also notched a new high and its longest winning streak in nearly a year.
But not all areas of the market are participating. Energy, the worst performing sector in the S&P this year, is down nearly 7 percent.
Using hedge fund analytics tool Kensho , CNBC looked for the most statistically oversold stocks in the energy sector, as measured by the stock's standard deviation.
Standard deviation is a measure of how spread out a data set is from its mean. In this exercise, the mean is defined as the stock's 50-day moving average.
Kensho points out the most statistically oversold stocks — which also are most likely to see near-term gains.
Take Range Resources, which as of Friday was 3.27 standard deviations below its mean.
To put it into context, 99.7 percent of values along a normally distributed set falls within 3 standard deviations, so a number greater than 3 puts Range Resources in extremely rare trading territory.
Further, Kensho notes that the past seven times Range Resources has had a drop of this magnitude, the next move is at least half a standard deviation higher.
Disclosure: CNBC parent NBC Universal is a minority investor in Kensho
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