For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Clear Channel Outdoor (CCO) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Business Services sector should help us answer this question.
Clear Channel Outdoor is one of 234 companies in the Business Services group. The Business Services group currently sits at #10 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 proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Clear Channel Outdoor is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CCO's full-year earnings has moved 8.3% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that CCO has returned about 9.1% since the start of the calendar year. At the same time, Business Services stocks have lost an average of 13%. This means that Clear Channel Outdoor is performing better than its sector in terms of year-to-date returns.
One other Business Services stock that has outperformed the sector so far this year is Dave Inc. (DAVE). The stock is up 42% year-to-date.
In Dave Inc.'s case, the consensus EPS estimate for the current year increased 20.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Clear Channel Outdoor belongs to the Advertising and Marketing industry, a group that includes 15 individual companies and currently sits at #160 in the Zacks Industry Rank. This group has lost an average of 15.7% so far this year, so CCO is performing better in this area.
Dave Inc., however, belongs to the Technology Services industry. Currently, this 112-stock industry is ranked #172. The industry has moved -4.5% so far this year.
Clear Channel Outdoor and Dave Inc. could continue their solid performance, so investors interested in Business Services stocks should continue to pay close attention to these stocks.
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Clear Channel Outdoor Holdings, Inc. (CCO): Free Stock Analysis Report
Dave Inc. (DAVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).