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Is Canadian Solar (CSIQ) Stock Outpacing Its Oils-Energy Peers This Year?

Zacks Equity Research

Investors focused on the Oils-Energy space have likely heard of Canadian Solar (CSIQ), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Canadian Solar is a member of our Oils-Energy group, which includes 313 different companies and currently sits at #11 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 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. CSIQ is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 2.22% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

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Based on the latest available data, CSIQ has gained about 42.26% so far this year. In comparison, Oils-Energy companies have returned an average of 11.21%. This means that Canadian Solar is outperforming the sector as a whole this year.

Looking more specifically, CSIQ belongs to the Solar industry, which includes 12 individual stocks and currently sits at #55 in the Zacks Industry Rank. On average, this group has gained an average of 77.53% so far this year, meaning that CSIQ is slightly underperforming its industry in terms of year-to-date returns.

CSIQ will likely be looking to continue its solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to the company.


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Zacks Investment Research