Is Array Technologies (ARRY) Stock Outpacing Its Oils-Energy Peers This Year?
The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Array Technologies, Inc. (ARRY) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
Array Technologies, Inc. is one of 246 companies in the Oils-Energy group. The Oils-Energy group currently sits at #15 within 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Array Technologies, Inc. is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for ARRY's full-year earnings has moved 8.3% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, ARRY has gained about 19.6% so far this year. In comparison, Oils-Energy companies have returned an average of 3.1%. This means that Array Technologies, Inc. is outperforming the sector as a whole this year.
Constellation Energy Corporation (CEG) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 24.1%.
The consensus estimate for Constellation Energy Corporation's current year EPS has increased 27.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Array Technologies, Inc. belongs to the Solar industry, a group that includes 17 individual stocks and currently sits at #80 in the Zacks Industry Rank. On average, this group has lost an average of 22.1% so far this year, meaning that ARRY is performing better in terms of year-to-date returns.
In contrast, Constellation Energy Corporation falls under the Alternative Energy - Other industry. Currently, this industry has 40 stocks and is ranked #103. Since the beginning of the year, the industry has moved -5.3%.
Array Technologies, Inc. and Constellation Energy Corporation could continue their solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to these stocks.
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