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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 Northern Oil and Gas (NOG) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Northern Oil and Gas is a member of the Oils-Energy sector. This group includes 323 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
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. NOG is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for NOG's full-year earnings has moved 47.26% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, NOG has returned 40% so far this year. In comparison, Oils-Energy companies have returned an average of 2.18%. As we can see, Northern Oil and Gas is performing better than its sector in the calendar year.
To break things down more, NOG belongs to the Oil and Gas - Exploration and Production - United States industry, a group that includes 72 individual companies and currently sits at #115 in the Zacks Industry Rank. This group has lost an average of 3.13% so far this year, so NOG is performing better in this area.
Investors in the Oils-Energy sector will want to keep a close eye on NOG as it attempts to continue its solid performance.
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