Investors focused on the Oils-Energy space have likely heard of Canadian Solar (CSIQ - Free Report) , 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.
Canadian Solar is one of 312 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #8 in the Zacks Sector Rank. 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. CSIQ is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CSIQ's full-year earnings has moved 0.28% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CSIQ has gained about 31.94% so far this year. At the same time, Oils-Energy stocks have gained an average of 15.53%. This means that Canadian Solar is performing better than its sector in terms of year-to-date returns.
Breaking things down more, CSIQ is a member of the Solar industry, which includes 12 individual companies and currently sits at #82 in the Zacks Industry Rank. On average, this group has gained an average of 37.64% so far this year, meaning that CSIQ is slightly underperforming its industry 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.