Is SolarEdge Technologies (SEDG) Outperforming Other Oils-Energy Stocks This Year?
Investors focused on the Oils-Energy space have likely heard of SolarEdge Technologies (SEDG), but is the stock performing well in comparison to the rest of its sector peers? 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.
SolarEdge Technologies is one of 333 companies in the Oils-Energy group. The Oils-Energy group currently sits at #9 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 is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. SEDG is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for SEDG's full-year earnings has moved 27.23% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, SEDG has returned 40.75% so far this year. In comparison, Oils-Energy companies have returned an average of 4.17%. This shows that SolarEdge Technologies is outperforming its peers so far this year.
To break things down more, SEDG belongs to the Solar industry, a group that includes 15 individual companies and currently sits at #50 in the Zacks Industry Rank. On average, stocks in this group have gained 2.20% this year, meaning that SEDG is performing better in terms of year-to-date returns.
SEDG will likely be looking to continue its solid performance, so investors interested Oils-Energy stocks should continue to pay close attention to the company.
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