Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Enlight Renewable Energy Ltd. (ENLT) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? 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.
Enlight Renewable Energy Ltd. is a member of the Oils-Energy sector. This group includes 254 individual stocks and currently holds a Zacks Sector Rank of #2. 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 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. Enlight Renewable Energy Ltd. is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ENLT's full-year earnings has moved 37.6% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, ENLT has gained about 58% so far this year. At the same time, Oils-Energy stocks have gained an average of 41.4%. This shows that Enlight Renewable Energy Ltd. is outperforming its peers so far this year.
Another stock in the Oils-Energy sector, Crescent Energy (CRGY), has outperformed the sector so far this year. The stock's year-to-date return is 60.9%.
In Crescent Energy's case, the consensus EPS estimate for the current year increased 36.2% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Enlight Renewable Energy Ltd. belongs to the Alternative Energy - Other industry, a group that includes 59 individual companies and currently sits at #104 in the Zacks Industry Rank. On average, this group has lost an average of 3.8% so far this year, meaning that ENLT is performing better in terms of year-to-date returns. Crescent Energy is also part of the same industry.
Enlight Renewable Energy Ltd. and Crescent Energy could continue their solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to these stocks.
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Enlight Renewable Energy Ltd. (ENLT): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).