The bear market in the oil patch is causing big pain for energy companies.
Half of the stocks in the S&P Energy sector are down more than 20% or more this year and in personal bear markets of their own.
In a sign of just how much pain the latest plunge in the price of crude oil is having on energy-related stocks, with only two of the 34 stocks in the sector are now sporting gains for the year, S&P Dow Jones Indices data show.
That means 32, or 94% of the stocks in the sector, are in the red in 2017. The energy sector, which is down 15% this year, is the worst-performing sector in the S&P 500 stock index.
Woes in energy are just the latest headwind for the broad U.S. stock market, which has been dealing with a recent pullback in once high-flying tech stocks.
The pain in the energy sector is mounting, with shares of 10 companies down more than 30%.
The biggest loser? Transocean. The offshore oil and gas driller is down nearly 47%. The other names down more than 30% are Range Resources, Chesapeake Energy, Anadarko Petroleum, Devon Energy, Hess, Marathon Oil, Cimarex Energy, Helmerich & Payne and Newfield Exploration.
More than 85% of the companies in the S&P 500 energy sector are down 10% or more in 2017, a sign of broad weakness.
“Oil investors don’t like what they see: too much supply and not enough demand,” said Edward Yardeni, chief investment strategist at Yardeni Research.