Investors focused on the Oils-Energy space have likely heard of Goodrich Petroleum , but is the stock performing well in comparison to the rest of its sector peers? 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.
Goodrich Petroleum is one of 258 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #1 in 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. GDP is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for GDP's full-year earnings has moved 26.66% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that GDP has returned about 100.50% since the start of the calendar year. Meanwhile, the Oils-Energy sector has returned an average of 38.48% on a year-to-date basis. As we can see, Goodrich Petroleum is performing better than its sector in the calendar year.
Looking more specifically, GDP belongs to the Oil and Gas - Exploration and Production - United States industry, which includes 44 individual stocks and currently sits at #4 in the Zacks Industry Rank. This group has gained an average of 111.14% so far this year, so GDP is slightly underperforming its industry in this area.
GDP will likely be looking to continue its solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to the company.