For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group 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 one of 308 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #12 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 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. CSIQ is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 21.47% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, CSIQ has moved about 30.26% on a year-to-date basis. In comparison, Oils-Energy companies have returned an average of -0.62%. 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, which includes 13 individual stocks and currently sits at #21 in the Zacks Industry Rank. On average, stocks in this group have gained 68.83% this year, meaning that CSIQ is slightly underperforming its industry in terms of year-to-date returns.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to CSIQ as it looks to continue its solid performance.