Investors focused on the Oils-Energy space have likely heard of SolarEdge Technologies (SEDG - 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.
SolarEdge Technologies is one of 297 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #11 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. SEDG is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for SEDG's full-year earnings has moved 7.59% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, SEDG has gained about 7.07% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 0.88% on a year-to-date basis. This shows that SolarEdge Technologies is outperforming its peers so far this year.
Breaking things down more, SEDG is a member of the Solar industry, which includes 12 individual companies and currently sits at #92 in the Zacks Industry Rank. This group has gained an average of 4.91% so far this year, so SEDG is performing better in this area.
Investors with an interest in Oils-Energy stocks should continue to track SEDG. The stock will be looking to continue its solid performance.