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 Cenovus Energy (CVE) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Cenovus Energy is one of 245 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #13 in the Zacks Sector Rank. 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. 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 24.9% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, CVE has gained about 10% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 3.8% on a year-to-date basis. As we can see, Cenovus Energy is performing better than its sector in the calendar year.
Enerflex (EFXT) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 26.7%.
In Enerflex's case, the consensus EPS estimate for the current year increased 70.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Cenovus Energy belongs to the Oil and Gas - Integrated - Canadian industry, a group that includes 4 individual stocks and currently sits at #48 in the Zacks Industry Rank. Stocks in this group have gained about 10.3% so far this year, so CVE is slightly underperforming its industry this group in terms of year-to-date returns.
On the other hand, Enerflex belongs to the Oil and Gas - Exploration and Production - Canadian industry. This 10-stock industry is currently ranked #100. The industry has moved +0.4% year to date.
Investors interested in the Oils-Energy sector may want to keep a close eye on Cenovus Energy and Enerflex as they attempt to continue their solid performance.
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Cenovus Energy Inc (CVE): Free Stock Analysis Report Enerflex Ltd. (EFXT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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