Energy Companies Are In Denial: Oppenheimer
Neither energy companies nor analysts are really confronting the possibility of a permanent drop in oil prices, say Oppenheimer analysts Fadel Gheit and Luis Amadeo, setting CAPEX targets and earnings estimates higher than current prices (both the spot price and futures for WTI is below $60). They say that investors should get ready for deeper cuts as well as downward earnings revisions.
“Most energy . . .
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