No good deed goes unpunished might serve as a caption for the early group of first-quarter earnings announcements made by E&P companies.

A May 1 report from KeyBanc Capital Markets found while 12 out of 17 E&Ps that had reported to date had “surprised to the upside,” beating production expectations and/or cash flow, 10 had sold off on the news. This occurred despite relatively strong oil prices.

“We think that this highlights the lack of buyers in the space right now as there isn’t the incremental investor that is willing to step in and reward good results with a new position,” Leo Mariani, KeyBanc analyst, said in the report.

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