Investors focused on the Oils-Energy space have likely heard of Canadian Solar (CSIQ), but is the stock performing well in comparison to the rest of its sector peers? 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 324 companies in the Oils-Energy group. The Oils-Energy group currently sits at #15 within 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 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 32.42% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, CSIQ has returned 25.73% so far this year. Meanwhile, stocks in the Oils-Energy group have gained about 10.42% on average. This means that Canadian Solar is performing better than its sector in terms of year-to-date returns.
Looking more specifically, CSIQ belongs to the Solar industry, which includes 13 individual stocks and currently sits at #54 in the Zacks Industry Rank. On average, this group has gained an average of 15.88% so far this year, meaning that CSIQ is performing better in terms of year-to-date returns.
Investors with an interest in Oils-Energy stocks should continue to track CSIQ. The stock will be looking to continue its solid performance.