The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Cenovus Energy (CVE) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.
Cenovus Energy is a member of our Oils-Energy group, which includes 250 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Cenovus Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CVE's full-year earnings has moved 18.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, CVE has moved about 83.8% on a year-to-date basis. At the same time, Oils-Energy stocks have gained an average of 29%. This means that Cenovus Energy is outperforming the sector as a whole this year.
One other Oils-Energy stock that has outperformed the sector so far this year is TotalEnergies SE Sponsored ADR (TTE). The stock is up 38.1% year-to-date.
Over the past three months, TotalEnergies SE Sponsored ADR's consensus EPS estimate for the current year has increased 0.8%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Cenovus Energy belongs to the Oil and Gas - Integrated - Canadian industry, a group that includes 4 individual companies and currently sits at #19 in the Zacks Industry Rank. On average, stocks in this group have gained 65.9% this year, meaning that CVE is performing better in terms of year-to-date returns.
On the other hand, TotalEnergies SE Sponsored ADR belongs to the Oil and Gas - Integrated - International industry. This 17-stock industry is currently ranked #81. The industry has moved +36.8% year to date.
Cenovus Energy and TotalEnergies SE Sponsored ADR 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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Cenovus Energy Inc (CVE): Free Stock Analysis Report
TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).