For those looking to find strong Utilities stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Ballard Power Systems (BLDP) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Ballard Power Systems is one of 109 individual stocks in the Utilities sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Ballard Power Systems is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for BLDP's full-year earnings has moved 10.3% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that BLDP has returned about 59.6% since the start of the calendar year. In comparison, Utilities companies have returned an average of 16.4%. This shows that Ballard Power Systems is outperforming its peers so far this year.
MYR Group (MYRG) is another Utilities stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 52.9%.
In MYR Group's case, the consensus EPS estimate for the current year increased 2.1% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Ballard Power Systems belongs to the Utility - Electric Power industry, a group that includes 59 individual companies and currently sits at #71 in the Zacks Industry Rank. On average, stocks in this group have gained 20.1% this year, meaning that BLDP is performing better in terms of year-to-date returns.
On the other hand, MYR Group belongs to the Electric Construction industry. This 1-stock industry is currently ranked #1. The industry has moved +52.9% year to date.
Investors interested in the Utilities sector may want to keep a close eye on Ballard Power Systems and MYR Group as they attempt to continue their solid performance.
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Ballard Power Systems, Inc. (BLDP): Free Stock Analysis Report MYR Group, Inc. (MYRG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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