For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. California Resources (CRC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of CRC and the rest of the Oils-Energy group's stocks.
California Resources is a member of the Oils-Energy sector. This group includes 327 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. CRC is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CRC's full-year earnings has moved 394.29% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, CRC has moved about 2.26% on a year-to-date basis. Meanwhile, the Oils-Energy sector has returned an average of -11.27% on a year-to-date basis. This means that California Resources is performing better than its sector in terms of year-to-date returns.
To break things down more, CRC belongs to the Oil and Gas - Exploration and Production - United States industry, a group that includes 77 individual companies and currently sits at #169 in the Zacks Industry Rank. On average, this group has lost an average of 29.60% so far this year, meaning that CRC is performing better in terms of year-to-date returns.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to CRC as it looks to continue its solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
California Resources Corporation (CRC) : Free Stock Analysis Report
To read this article on Zacks.com click here.