Investors focused on the Oils-Energy space have likely heard of Canadian Solar (CSIQ), but is the stock performing well in comparison to the rest of its sector peers? 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.
Canadian Solar is one of 318 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #16 in 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 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 #2 (Buy).
The Zacks Consensus Estimate for CSIQ's full-year earnings has moved 32.42% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that CSIQ has returned about 38.01% since the start of the calendar year. Meanwhile, the Oils-Energy sector has returned an average of 13.17% on a year-to-date basis. This means that Canadian Solar is outperforming the sector as a whole this year.
To break things down more, CSIQ belongs to the Solar industry, a group that includes 12 individual companies and currently sits at #38 in the Zacks Industry Rank. On average, stocks in this group have gained 24.40% this year, meaning that CSIQ is performing better in terms of year-to-date returns.
CSIQ will likely be looking to continue its solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to the company.