For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has BP (BP) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
BP is a member of the Oils-Energy sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #1. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. BP is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for BP's full-year earnings has moved 95.7% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, BP has moved about 32.9% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have gained about 32.6% on average. As we can see, BP is performing better than its sector in the calendar year.
One other Oils-Energy stock that has outperformed the sector so far this year is Chord Energy Corporation (CHRD). The stock is up 61.4% year-to-date.
Over the past three months, Chord Energy Corporation's consensus EPS estimate for the current year has increased 349.2%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, BP belongs to the Oil and Gas - Integrated - International industry, a group that includes 16 individual stocks and currently sits at #2 in the Zacks Industry Rank. On average, stocks in this group have gained 33.6% this year, meaning that BP is slightly underperforming its industry in terms of year-to-date returns.
On the other hand, Chord Energy Corporation belongs to the Oil and Gas - Exploration and Production - United States industry. This 34-stock industry is currently ranked #22. The industry has moved +33.4% year to date.
Investors with an interest in Oils-Energy stocks should continue to track BP and Chord Energy Corporation. These stocks will be looking to continue their solid performance.
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BP p.l.c. (BP): Free Stock Analysis Report
Chord Energy Corporation (CHRD): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).