In the latest trading session, Canadian Solar (CSIQ) closed at $16.85, marking a +0.24% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.02%. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq lost 0.39%.
Heading into today, shares of the solar wafers manufacturer had gained 22.61% over the past month, outpacing the Oils-Energy sector's loss of 5.66% and the S&P 500's loss of 2.56% in that time.
CSIQ will be looking to display strength as it nears its next earnings release, which is expected to be March 18, 2019. On that day, CSIQ is projected to report earnings of $0.56 per share, which would represent a year-over-year decline of 44.55%. Meanwhile, our latest consensus estimate is calling for revenue of $728.65 million, down 34.28% from the prior-year quarter.
CSIQ's full-year Zacks Consensus Estimates are calling for earnings of $2.45 per share and revenue of $3.57 billion. These results would represent year-over-year changes of +44.97% and +5.35%, respectively.
It is also important to note the recent changes to analyst estimates for CSIQ. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 41.82% higher. CSIQ is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that CSIQ has a Forward P/E ratio of 6.86 right now. This represents a discount compared to its industry's average Forward P/E of 16.73.
Also, we should mention that CSIQ has a PEG ratio of 0.21. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. CSIQ's industry had an average PEG ratio of 0.92 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 37, putting it in the top 14% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.