Can market pessimism get any worse for the energy sector? Entering the first few days of the fourth quarter, the answer to the question was a clear, ‘Yes.’”

A weak ISM Manufacturing Index report of 47.8 sparked a two-day sell-off of over 800 points on the Dow Jones Industrial Average, and several flag-bearing E&P stocks fell to new 52-week lows—even after the XOP (S&P Oil & Gas Exploration & Production ETF) set an all-time low in August.

For example, EOG Resources Inc. dropped to $69.47 per share, down 48% from what was a 52-week high of $133.53. Diamondback Energy Inc. fell to $82.44 per share, down 41.4% from its 52-week high of $140.78.

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