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Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Ovintiv (OVV) 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? 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.
Ovintiv is a member of the Oils-Energy sector. This group includes 254 individual stocks and currently holds a Zacks Sector Rank of #5. 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. OVV is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for OVV's full-year earnings has moved 271.89% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Our latest available data shows that OVV has returned about 70.68% since the start of the calendar year. Meanwhile, stocks in the Oils-Energy group have gained about 17.14% on average. This means that Ovintiv is outperforming the sector as a whole this year.
Looking more specifically, OVV belongs to the Oil and Gas - Exploration and Production - Canadian industry, a group that includes 4 individual stocks and currently sits at #20 in the Zacks Industry Rank. On average, this group has gained an average of 34.08% so far this year, meaning that OVV is performing better in terms of year-to-date returns.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to OVV as it looks to continue its solid performance.