Is CVR Energy (CVI) Stock Outpacing Its Oils-Energy Peers 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. CVR Energy (CVI) 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? Let’s take a closer look at the stock’s year-to-date performance to find out.
CVR Energy is one of 254 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. CVR Energy is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CVI’s full-year earnings has moved 827.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, CVI has gained about 131.6% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 38.8% on a year-to-date basis. As we can see, CVR Energy is performing better than its sector in the calendar year.
Forum Energy Technologies (FET) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 132%.
Over the past three months, Forum Energy Technologies’ consensus EPS estimate for the current year has increased 85.6%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, CVR Energy belongs to the Oil and Gas – Refining and Marketing industry, which includes 15 individual stocks and currently sits at #4 in the Zacks Industry Rank. On average, this group has gained an average of 149.5% so far this year, meaning that CVI is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Forum Energy Technologies falls under the Oil and Gas – Mechanical and and Equipment industry. Currently, this industry has 13 stocks and is ranked #83. Since the beginning of the year, the industry has moved +35.8%.
Investors interested in the Oils-Energy sector may want to keep a close eye on CVR Energy and Forum Energy Technologies as they attempt to continue their solid performance.