Is BP (BP) Outperforming Other Oils-Energy Stocks This Year?
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 BP (BP) been one of those stocks this year? 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.
BP is a member of the Oils-Energy sector. This group includes 240 individual stocks and currently holds a Zacks Sector Rank of #1. 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 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. BP is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for BP’s full-year earnings has moved 51% higher. This means that analyst sentiment is stronger and the stock’s earnings outlook is improving.
Based on the most recent data, BP has returned 33.7% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 28% on a year-to-date basis. This means that BP is outperforming the sector as a whole this year.
Drilling Tools International Corp. (DTI) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 38.4%.
The consensus estimate for Drilling Tools International Corp.’s current year EPS has increased 26.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, BP belongs to the Oil and Gas – Integrated – International industry, a group that includes 16 individual stocks and currently sits at #8 in the Zacks Industry Rank. On average, this group has gained an average of 30.4% so far this year, meaning that BP is performing better in terms of year-to-date returns.
On the other hand, Drilling Tools International Corp. belongs to the Oil and Gas – Field Services industry. This 19-stock industry is currently ranked #36. The industry has moved +40% year to date.
Investors with an interest in Oils-Energy stocks should continue to track BP and Drilling Tools International Corp.. These stocks will be looking to continue their solid performance.
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