With all the talk about disastrous share price performance in the resources sector, it may be somewhat surprising to learn that a number of its incumbents have posted strong gains since the turn of the year.
Petrofac Limited (LSE: PFC) and Weir Group (LSE: WEIR) have suffered badly during the oil crash. Falling demand for their services combined with pressure to cut prices has hammered both firms' profits.
With my Magic Eight Ball on the fritz, I can't tell you precisely when oil prices will rebound. But collapsing share prices in the oil and gas sector mean that there may be bargains to be found amidst the rubbish.
Petrofac (LSE: PFC) has remained profitable throughout the recent turbulence in the oil sector, with the support services company expected to increase its bottom line by 177% in the next financial year following two very disappointing years.