In the latest trading session, Canadian Solar (CSIQ - Free Report) closed at $17.16, marking a -1.8% move from the previous day. This change lagged the S&P 500's daily gain of 0.37%. Elsewhere, the Dow gained 0.42%, while the tech-heavy Nasdaq added 0.56%.
Heading into today, shares of the solar wafers manufacturer had lost 8% over the past month, lagging the Oils-Energy sector's gain of 2.05% and the S&P 500's gain of 4.42% in that time.
CSIQ will be looking to display strength as it nears its next earnings release, which is expected to be November 12, 2019. On that day, CSIQ is projected to report earnings of $0.88 per share, which would represent a year-over-year decline of 8.33%. Meanwhile, our latest consensus estimate is calling for revenue of $797.86 million, up 3.89% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.25 per share and revenue of $3.64 billion, which would represent changes of -0.91% and -2.9%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for CSIQ. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. CSIQ is currently sporting a Zacks Rank of #2 (Buy).
In terms of valuation, CSIQ is currently trading at a Forward P/E ratio of 5.38. This valuation marks a discount compared to its industry's average Forward P/E of 21.39.
Meanwhile, CSIQ's PEG ratio is currently 0.17. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Solar was holding an average PEG ratio of 0.94 at yesterday's closing price.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 66, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.