The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Canadian Solar (CSIQ - Free Report) 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? One simple way to answer this question is to take a look at the year-to-date performance of CSIQ and the rest of the Oils-Energy group's stocks.
Canadian Solar is a member of our Oils-Energy group, which includes 326 different companies and currently sits at #13 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. CSIQ is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 32.42% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, CSIQ has returned 5.58% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 1.88% on a year-to-date basis. As we can see, Canadian Solar is performing better than its sector in the calendar year.
Looking more specifically, CSIQ belongs to the Solar industry, a group that includes 13 individual stocks and currently sits at #28 in the Zacks Industry Rank. On average, stocks in this group have gained 0.32% this year, meaning that CSIQ is performing better in terms of year-to-date returns.
CSIQ 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.