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the New York Stock Exchange opening bell, Monday, Dec. 3, 2018. Marathon was one of the top-performing energy companies in Q1 2023. Last Friday a difficult quarter came to a close. The S&P 500 returned 7.0% for the quarter, but that performance is deceptive. Eight of 11 sectors underperformed the S&P 500 in Q1.
This is primarily because the S&P 500 has a high concentration of technology holdings. That sector — after a miserable 2022 — pulled out an excellent return in Q1, and that skewed the S&P 500 average. The Dow Jones Industrial Average, by contrast, only returned 0.4% for the quarter. The median sector, as shown in the graphic below, was the Real Estate sector, which pulled out a 1.9% Q1 return. The energy sector, which I predicted would underperform this year, turned in the 3rd worst sector performance in Q1.The primary drivers for the energy sector’s underperformance were weakening oil and gas prices. After averaging over $90 a barrel in 2022, Q1 saw oil prices dip below $70/bbl.
— which I use to analyze companies — the average upstream company lost 10.6% in Q1. These are the companies that produce oil and gas. Of the 54 companies that FactSet classifies as “Upstream”, 42 had a negative return in Q1.
Did you notice 50% of the NG turn their backs on the Biden Inaugural Motorcade? Did they notice Biden got the funeral Cannon Salute not the Traditional 21 gun salute and the number of cannons? Did they notice Biden didn't cancel Trump EO's and what was in them? Tribunals coming.