For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Chevron (CVX) one of those stocks right now? A quick glance at the company’s year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
Chevron is a member of our Oils-Energy group, which includes 255 different companies and currently sits at #1 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 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. Chevron is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for CVX’s full-year earnings has moved 14.3% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, CVX has moved about 47.8% on a year-to-date basis. At the same time, Oils-Energy stocks have gained an average of 34.5%. This means that Chevron is performing better than its sector in terms of year-to-date returns.
Another Oils-Energy stock, which has outperformed the sector so far this year, is Chord Energy Corporation (CHRD). The stock has returned 55.2% year-to-date.
In Chord Energy Corporation’s case, the consensus EPS estimate for the current year increased 26.2% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Chevron belongs to the Oil and Gas – Integrated – International industry, a group that includes 19 individual companies and currently sits at #10 in the Zacks Industry Rank. On average, this group has gained an average of 46.5% so far this year, meaning that CVX is performing better in terms of year-to-date returns.
Chord Energy Corporation, however, belongs to the Oil and Gas – Exploration and Production – United States industry. Currently, this 34-stock industry is ranked #24. The industry has moved +33.6% so far this year.
Investors with an interest in Oils-Energy stocks should continue to track Chevron and Chord Energy Corporation. These stocks will be looking to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
