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Senior Earnings Analyst
FactSet Research Systems Inc
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FactSet Research Systems Inc. is a leading provider of global financial and economic information, including fundamental data on tens of thousands of companies worldwide. Combining more than 200 databases into its own dedicated online service, the Company ... more
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CM Capital Market Research » Americas
CM Capital Market Research » Newsletter: Fund Managers Rebalancing Portfolio While Others Play Catch Up
CM Capital Market Research
Energy companies are going into the season with drastically reduced expectations, with those for the three biggest names reporting this week having plummeted over the first quarter.
Since the beginning of the first quarter, estimates for Exxon Mobil dropped to 31 cents a share from 75 cents a share, those for Chevron (CVX) swung to a 13-cents-a-share loss from a profit of 55 cents a share, and expectations for ConocoPhillips's (COP) estimated per-share loss plunged to $1.05 from 19 cents, according to FactSet data.
The energy sector, as a whole, is expected to turn in a year-over-year loss for the quarter, the first time any sector in the S&P 500 has reported an overall loss since the financials sector reported one in the fourth quarter of 2008, according to Butters.
The one upside to that, given the sharp rebound from sub-$30 a barrel oil prices seen in February, is that earnings declines in the sector will decrease moving forward,