The Oils-Energy group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Ovintiv (OVV) one of those stocks right now? 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.
Ovintiv is a member of our Oils-Energy group, which includes 250 different companies and currently sits at #9 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 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. Ovintiv is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for OVV's full-year earnings has moved 10.5% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, OVV has moved about 10.1% on a year-to-date basis. In comparison, Oils-Energy companies have returned an average of 7.1%. This shows that Ovintiv is outperforming its peers so far this year.
Another stock in the Oils-Energy sector, Plains GP Holdings (PAGP), has outperformed the sector so far this year. The stock's year-to-date return is 9.4%.
In Plains GP Holdings' case, the consensus EPS estimate for the current year increased 1.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Ovintiv is a member of the Oil and Gas - Exploration and Production - Canadian industry, which includes 12 individual companies and currently sits at #38 in the Zacks Industry Rank. Stocks in this group have lost about 2.1% so far this year, so OVV is performing better this group in terms of year-to-date returns.
On the other hand, Plains GP Holdings belongs to the Oil and Gas - Production and Pipelines industry. This 10-stock industry is currently ranked #92. The industry has moved +34.8% year to date.
Investors with an interest in Oils-Energy stocks should continue to track Ovintiv and Plains GP Holdings. These stocks will be looking to continue their solid performance.
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