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 ConocoPhillips (COP) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
ConocoPhillips is one of 254 companies in the Oils-Energy group. The Oils-Energy group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. ConocoPhillips is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for COP's full-year earnings has moved 14.5% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, COP has gained about 38.2% so far this year. At the same time, Oils-Energy stocks have gained an average of 35.6%. This means that ConocoPhillips is outperforming the sector as a whole this year.
Another stock in the Oils-Energy sector, Calumet, Inc. (CLMT), has outperformed the sector so far this year. The stock's year-to-date return is 182.9%.
The consensus estimate for Calumet, Inc.'s current year EPS has increased 376.5% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Breaking things down more, ConocoPhillips is a member of the Oil and Gas - Integrated - United States industry, which includes 13 individual companies and currently sits at #96 in the Zacks Industry Rank. On average, this group has gained an average of 31.6% so far this year, meaning that COP is performing better in terms of year-to-date returns. Calumet, Inc. is also part of the same industry.
ConocoPhillips and Calumet, Inc. could continue their solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to these stocks.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ConocoPhillips (COP): Free Stock Analysis Report
Calumet, Inc. (CLMT): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).