Does Chevron (CVX) Stock Outperform Its Oil Counterparts This Year?

IInvestors focused on the oil-energy space have likely heard of Chevron (CVX), but is the stock performing well relative to the rest of its industry peers? A quick glance at the company’s performance since the start of the year compared to the rest of the Oil & Energy sector should help us answer this question.

Chevron is one of the 254 companies in the Oil-Energy group. The Oils-Energy group is currently ranked 5th in the Zacks sector ranking. The Zacks Industry Rankings include 16 different groups and is ranked from best to worst in terms of the average Zacks rankings of individual companies in each of those industries.

Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that display the right characteristics to beat the market over the next one to three months. CVX currently sports a Zacks # 1 (strong buy) ranking.

Over the past 90 days, Zacks’ consensus estimate for CLC’s annual profit has risen 64.69%. This means that analysts’ sentiment is stronger and the stock’s earnings outlook is improving.

Based on the latest available data, CVX has gained around 25.22% so far this year. Meanwhile, the Oil & Energy sector has recorded an average return of 17.85% since the start of the year. This means that Chevron outperforms its industry in terms of cumulative returns.

Looking more closely, CVX belongs to the international – integrated – oil and gas industry, which comprises 18 individual stocks and currently sits 22nd in the Zacks industry rankings. This group has gained an average of 21.87% so far this year, so CVX is performing better in this area.

Going forward, investors interested in oil and energy stocks should continue to pay close attention to CVX as it looks to continue its strong performance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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