$Seatrium (S51.SG)$ I think that Seatrium will fall again af...

I think that Seatrium will fall again after this rebound. Besides the oil & gas sector, Seatrium also has orders from the renewable-energy related contracts.

Renewable stocks in the US are taking an outsized beating among other stocks in the utiliity sector, which was down more than 10% last quarter.

Investors may be betting that going green will take longer and require more capital in a higher-for -longer interest rate environment.

"As utilities struggle with converting to more green energy, their operating margins are getting squeezed until they can get their utility rates increased," Louis Navellier, founder of Navellier, a money management firm, told Yahoo Finance.

Higher interest rates are impacting the renewable sector because clean energy projects are capital intensive.

To make matters worse, falling valuations are making it harder for companies to tap into public markets to fund their projects. Also, bonds offering higher yields are competing against dividend yields on utility stocks.

"There is an exodus from ESG products that are suffering from outflows," said Navellier.