The Globe and Mail reports in its Wednesday edition an overwhelmingly disappointing set of fourth-quarter results has done little to dim Canadians' enthusiasm for energy stocks. The Globe's Luke Kawa writes the consensus 12-month forward earnings per share estimate for Canada's energy sector has collapsed from $200 to $60 in recent months. While analysts have finally taken a suitable hatchet to their earnings expectations, the market has failed to do the same. According to Bloomberg, the S&P/TSX energy group is currently trading at 62 times estimated 2015 earnings -- a level that suggests that the extent of the looming damage has definitely not been priced in. In Canadian-dollar terms, the price of West Texas Intermediate crude oil is down 45 per cent year-over-year, while the S&P/TSX energy group has declined by 17 per cent over this period. Mr. Kawa notes the group is trading at a level last seen when the price of oil was just more than $100 (Canadian) a barrel halfway through 2014.