Is Conduent (CNDT) Outperforming Other Business Services Stocks This Year?
For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Conduent (CNDT) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question.
Conduent is one of 243 individual stocks in the Business Services sector. Collectively, these companies sit at #9 in the Zacks Sector Rank. 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 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. CNDT is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CNDT's full-year earnings has moved 17.95% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, CNDT has moved about 39.17% on a year-to-date basis. Meanwhile, the Business Services sector has returned an average of -15.63% on a year-to-date basis. This shows that Conduent is outperforming its peers so far this year.
Looking more specifically, CNDT belongs to the Outsourcing industry, a group that includes 14 individual stocks and currently sits at #98 in the Zacks Industry Rank. This group has gained an average of 21.12% so far this year, so CNDT is performing better in this area.
Going forward, investors interested in Business Services stocks should continue to pay close attention to CNDT as it looks to continue its solid performance.
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