U.S. Markets closed

Has Canadian Solar (CSIQ) Outpaced Other Oils-Energy Stocks This Year?

Zacks Equity Research
Xcel (XEL) 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 Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Canadian Solar (CSIQ) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Canadian Solar is one of 317 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 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. CSIQ is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 10.14% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Our latest available data shows that CSIQ has returned about 54.67% since the start of the calendar year. Meanwhile, stocks in the Oils-Energy group have gained about 13.93% on average. This means that Canadian Solar is performing better than its sector in terms of year-to-date returns.

Looking more specifically, CSIQ belongs to the Solar industry, a group that includes 12 individual stocks and currently sits at #62 in the Zacks Industry Rank. On average, stocks in this group have gained 31.38% this year, meaning that CSIQ 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 CSIQ 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
 
Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.