Given how much share of the North American energy services industry is controlled by the Big Four, investors cannot just ignore the trends that come out of the earnings releases. With Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI) having reported in the past few days, it's pretty clear that business conditions in North America are not great. The question, though, is whether this sector will once again start trading on the strength of oil (versus the weakness in gas) and whether a company like Baker Hughes should trade this far below historical forward valuations.
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