Is MPLX LP (MPLX) Outperforming Other Oils-Energy Stocks This Year?

Zacks
18 Oct 2024

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 MPLX LP (MPLX) been one of those stocks this year? 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.

MPLX LP is one of 242 companies in the Oils-Energy group. The Oils-Energy group currently sits at #16 within 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MPLX LP is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for MPLX's full-year earnings has moved 7.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, MPLX has gained about 20.7% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 5.6% on a year-to-date basis. This means that MPLX LP is performing better than its sector in terms of year-to-date returns.

Another stock in the Oils-Energy sector, Pedevco Corp. (PED), has outperformed the sector so far this year. The stock's year-to-date return is 28.6%.

For Pedevco Corp. the consensus EPS estimate for the current year has increased 60% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, MPLX LP belongs to the Oil and Gas - Production and Pipelines industry, which includes 9 individual stocks and currently sits at #81 in the Zacks Industry Rank. This group has gained an average of 27.1% so far this year, so MPLX is slightly underperforming its industry in this area.

On the other hand, Pedevco Corp. belongs to the Oil and Gas - Mechanical and and Equipment industry. This 9-stock industry is currently ranked #76. The industry has moved +14.2% year to date.

MPLX LP and Pedevco Corp. could continue their solid performance, so investors interested in Oils-Energy stocks should continue to pay close attention to these stocks.

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