Is E.ON (EONGY) Outperforming Other Utilities Stocks This Year?
For those looking to find strong Utilities stocks, it is prudent to search for companies in the group that are outperforming their peers. Is E.ON SE (EONGY) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Utilities peers, we might be able to answer that question.
E.ON SE is one of 103 companies in the Utilities group. The Utilities group currently sits at #3 within 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 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. E.ON SE is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for EONGY's full-year earnings has moved 5.8% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, EONGY has returned 25.3% so far this year. Meanwhile, stocks in the Utilities group have lost about 2.6% on average. This means that E.ON SE is performing better than its sector in terms of year-to-date returns.
One other Utilities stock that has outperformed the sector so far this year is MYR Group (MYRG). The stock is up 46.9% year-to-date.
In MYR Group's case, the consensus EPS estimate for the current year increased 2.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, E.ON SE is a member of the Utility - Electric Power industry, which includes 58 individual companies and currently sits at #68 in the Zacks Industry Rank. On average, stocks in this group have lost 4.7% this year, meaning that EONGY is performing better in terms of year-to-date returns.
In contrast, MYR Group falls under the Electric Construction industry. Currently, this industry has 1 stocks and is ranked #6. Since the beginning of the year, the industry has moved +46.9%.
Investors with an interest in Utilities stocks should continue to track E.ON SE and MYR Group. These stocks will be looking to continue their solid performance.
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