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For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. ConocoPhillips (COP) 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? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.
ConocoPhillips is a member of the Oils-Energy sector. This group includes 255 individual stocks and currently holds a Zacks Sector Rank of #1. 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 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. ConocoPhillips is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for COP's full-year earnings has moved 23.9% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, COP has returned 78.8% so far this year. At the same time, Oils-Energy stocks have gained an average of 31.1%. This means that ConocoPhillips is outperforming the sector as a whole this year.
Goodrich Petroleum (GDP) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 127.3%.
In Goodrich Petroleum's case, the consensus EPS estimate for the current year increased 18.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, ConocoPhillips belongs to the Oil and Gas - Integrated - United States industry, a group that includes 12 individual stocks and currently sits at #28 in the Zacks Industry Rank. This group has gained an average of 83.3% so far this year, so COP is slightly underperforming its industry in this area.
Goodrich Petroleum, however, belongs to the Oil and Gas - Exploration and Production - United States industry. Currently, this 43-stock industry is ranked #12. The industry has moved +104.8% so far this year.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to ConocoPhillips and Goodrich Petroleum as they could maintain their solid performance.
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