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 Parsley Energy (PE - Free Report) one of those stocks right now? 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.
Parsley Energy is a member of the Oils-Energy sector. This group includes 328 individual stocks and currently holds a Zacks Sector Rank of #1. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. PE is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for PE's full-year earnings has moved 54.14% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, PE has moved about 8.25% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have gained about 6.38% on average. This means that Parsley Energy is performing better than its sector in terms of year-to-date returns.
Breaking things down more, PE is a member of the Oil and Gas - Exploration and Production - United States industry, which includes 74 individual companies and currently sits at #43 in the Zacks Industry Rank. This group has gained an average of 7.13% so far this year, so PE is performing better in this area.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to PE as it looks to continue its solid performance.