Energy Sector Plunges As Analysts Cut Estimates
The energy sector is getting hammered on Thursday along with the broader stock market. Heading into the last hour of trade, the energy sector had lost 1.45% compared to a 0.89% for the S&P 500. A number of energy companies had their earnings estimates cut by analysts' this morning. Deutsche Bank, for example cut their estimates on Marathon Oil (NYSE: MRO) a day after the company reported earnings. That stock is under pressure and was trading down nearly 4% at last check to $27.75. Marathon shares also gapped down yesterday on the company's earnings results.
Morgan Stanley cut its earnings estimates for Murphy Oil (NYSE: MUR) this morning as well. That stock was last trading down almost 6% to $51.99. Prominent energy related ETFs are also feeling the pain with the Energy Select Sector SPDR (NYSE: XLE) falling 1.70% to $69.88 and the United States Oil Fund ETF (NYSE: USO), which attempts to track the price of NYMEX crude, has lost 2.68% to $38.82.
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