Wall Street Sees Another Challenging Year for Energy Stocks
- ‘There’s not much of an oil story’ aiding the stocks: VettaFi
- Bloomberg Intelligence also notes weak technicals for shares
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Wall Street sees another challenging year for energy stocks as analysts expect abundant oil supplies will keep heightened geopolitical tensions from spurring a significant rally in crude prices.
It’s a gloomy outlook for investors in energy, which was the second-worst performer of the 11 sectors in the S&P 500 Index in 2023. Now analysts anticipate that the industry’s fourth quarter earnings growth, broadly speaking, will be the weakest of the group, Bloomberg Intelligence data show.