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Is HP (HPQ) Stock Outpacing Its Computer and Technology Peers This Year?

Zacks Equity Research
Updated
Cohen & Steers (CNS) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is HP (HPQ) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.

HP is one of 631 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. HPQ is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for HPQ's full-year earnings has moved 2.25% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

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According to our latest data, HPQ has moved about 7.95% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 7.67% on a year-to-date basis. As we can see, HP is performing better than its sector in the calendar year.

Looking more specifically, HPQ belongs to the Computer - Mini computers industry, which includes 4 individual stocks and currently sits at #107 in the Zacks Industry Rank. On average, this group has gained an average of 13.41% so far this year, meaning that HPQ is slightly underperforming its industry in terms of year-to-date returns.

Investors in the Computer and Technology sector will want to keep a close eye on HPQ as it attempts to continue its solid performance.


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