The sector has slipped 4% in the past month, the worst performer of the S&P 500, shut out of the broad market rally that pushed the index to new highs."We had, for a multiyear period, been underweight energy and that worked out really well," Wells Fargo senior global equity strategist Scott Wren said Thursday on CNBC's "" show.
"When oil came off and dropped down into the mid-$40s [a barrel] last fall we thought that analysts reduced their earnings estimates way too much. They really haven't boosted them back to reflect this close to $60+ level," said Wren.
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