On Tuesday, The Philadelphia Oil Service Sector Index fell 2% again, adding to a 15% drubbing it has taken this year so far, according to Bloomberg. Over the same period of time, the S&P 500 index has risen 25%.

Piper Jaffray sent analysts to New York recently to gauge investor interest in the industry, which remains tepid. The company's analysts wrote in a note: "Not surprisingly, interest in oil service stocks is at a career low, if one's marketing schedule is an indication of interest."

They stated that marketing trips in the oil services sector consist of "a sparse two-day schedule featuring plenty of coffee time between meetings." Years prior, such trips would often include back-to-back meetings along with group lunches and dinners, the analysts said.