For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. California Resources Corporation (CRC) 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.
California Resources Corporation 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. California Resources Corporation is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for CRC's full-year earnings has moved 308.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, CRC has moved about 36.8% on a year-to-date basis. Meanwhile, stocks in the Oils-Energy group have gained about 30.6% on average. This shows that California Resources Corporation is outperforming its peers so far this year.
One other Oils-Energy stock that has outperformed the sector so far this year is ConocoPhillips (COP). The stock is up 30.8% year-to-date.
In ConocoPhillips' case, the consensus EPS estimate for the current year increased 120.9% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, California Resources Corporation belongs to the Oil and Gas - Exploration and Production - United States industry, a group that includes 34 individual stocks and currently sits at #12 in the Zacks Industry Rank. This group has gained an average of 30% so far this year, so CRC is performing better in this area.
In contrast, ConocoPhillips falls under the Oil and Gas - Integrated - United States industry. Currently, this industry has 12 stocks and is ranked #95. Since the beginning of the year, the industry has moved +31.9%.
Investors with an interest in Oils-Energy stocks should continue to track California Resources Corporation and ConocoPhillips. These stocks will be looking to continue their solid performance.
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California Resources Corporation (CRC): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).