- Pavilion analysts think the consensus has gone from being overly optimistic about the earnings of major energy companies such as Exxon (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) to being too pessimistic.
- The firm sees earnings expectations that are now lower than the realized earnings in 2008 when oil prices went as low as $33/bbl; six months ago, analysts expected the sector earnings to grow nearly 10% in a year., but they are now expecting the largest earnings decline on record.
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