Is CVR Energy (CVI) Stock Outpacing Its Oils-Energy Peers This Year?
For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is CVR Energy (CVI) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
CVR Energy is a member of the Oils-Energy sector. This group includes 245 individual stocks and currently holds a Zacks Sector Rank of #11. 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. CVR Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for CVI's full-year earnings has moved 56.8% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CVI has gained about 7.8% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 4.6% on a year-to-date basis. As we can see, CVR Energy is performing better than its sector in the calendar year.
One other Oils-Energy stock that has outperformed the sector so far this year is Magellan Midstream Partners (MMP). The stock is up 37.4% year-to-date.
For Magellan Midstream Partners, the consensus EPS estimate for the current year has increased 3.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, CVR Energy belongs to the Oil and Gas - Refining and Marketing industry, a group that includes 15 individual companies and currently sits at #83 in the Zacks Industry Rank. This group has gained an average of 9% so far this year, so CVI is slightly underperforming its industry in this area.
Magellan Midstream Partners, however, belongs to the Oil and Gas - Production Pipeline - MLB industry. Currently, this 9-stock industry is ranked #165. The industry has moved +19.9% so far this year.
Investors with an interest in Oils-Energy stocks should continue to track CVR Energy and Magellan Midstream Partners. These stocks will be looking to continue their solid performance.
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CVR Energy Inc. (CVI) : Free Stock Analysis Report
