Clean Energy Earnings: A Few Stinkers Sour Sentiment

We are at the tail-end of the Q2 2023 earnings season with nearly 90% of S&P 500 companies having reported. Unlike recent seasons, the current one has been disappointing both for the energy sector and the market in general. The energy sector is reporting the largest earnings decline of all eleven sectors at -51.4%, much worse than the S&P 500 average at -5.2%.  Lower oil and gas prices are largely to blame (average price of oil in Q2 2023 was $73.56, well below $108.52 for Q2 2022).  Of all the five energy…