What's next for US energy firms
Wall St brokerages have slashed fourth quarter estimates for energy firms by over 7 per cent in the last 30 days
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New York
WITH nearly a quarter of US energy shares' value wiped out by oil's six-month slide, investors are wondering if the sector has taken enough punishment and whether it is time to pile back in ahead of earnings reports later this month.
The broad energy S&P 1500 index gained more than 4 per cent over the past month, suggesting that many believe markets have already factored in the pain caused by oil prices tumbling by more than half since June below US$50 a barrel.
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