Investors focused on the Oils-Energy space have likely heard of Azure Power Global (AZRE), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company’s year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
Azure Power Global is a member of our Oils-Energy group, which includes 321 different companies and currently sits at #15 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. AZRE is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for AZRE’s full-year earnings has moved 150% higher. This signals that analyst sentiment is improving and the stock’s earnings outlook is more positive.
Based on the latest available data, AZRE has gained about 19.45% so far this year. Meanwhile, stocks in the Oils-Energy group have gained about 10.30% on average. As we can see, Azure Power Global is performing better than its sector in the calendar year.
To break things down more, AZRE belongs to the Solar industry, a group that includes 12 individual companies and currently sits at #71 in the Zacks Industry Rank. On average, stocks in this group have gained 22.87% this year, meaning that AZRE is slightly underperforming its industry in terms of year-to-date returns.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to AZRE as it looks to continue its solid performance.
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