Oilfield Services And Smaller Oil Companies Shine In Earnings Season

Earnings season is here once again with ~20% of S&P 500 companies having returned their second quarter scorecards. Unlike recent seasons when the energy sector emerged as a standout performer, oil and gas companies have become some of the market’s biggest laggards. According to FactSet data, the energy sector is reporting the largest revenue decline of all 11 market sectors at -28.7% as well as the worst earnings decline to the tune of -51.3%, much bigger than the market average of -9.0%. Lower year-over-year oil prices…