The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Canadian Solar (CSIQ) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.
Canadian Solar is one of 248 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Canadian Solar is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 2.2% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, CSIQ has moved about 16.1% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have lost about 8.8% on average. This means that Canadian Solar is performing better than its sector in terms of year-to-date returns.
One other Oils-Energy stock that has outperformed the sector so far this year is Valero Energy (VLO). The stock is up 1.6% year-to-date.
Over the past three months, Valero Energy's consensus EPS estimate for the current year has increased 35.6%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Canadian Solar belongs to the Solar industry, a group that includes 15 individual stocks and currently sits at #98 in the Zacks Industry Rank. On average, this group has lost an average of 8.7% so far this year, meaning that CSIQ is performing better in terms of year-to-date returns.
On the other hand, Valero Energy belongs to the Oil and Gas - Refining and Marketing industry. This 16-stock industry is currently ranked #46. The industry has moved -8.1% year to date.
Investors with an interest in Oils-Energy stocks should continue to track Canadian Solar and Valero Energy. These stocks will be looking to continue their solid performance.
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