The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Barrick Mining (B) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Barrick Mining is a member of the Basic Materials sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #13. 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 is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Barrick Mining is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for B's full-year earnings has moved 18.2% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, B has gained about 36.1% so far this year. In comparison, Basic Materials companies have returned an average of 9.7%. As we can see, Barrick Mining is performing better than its sector in the calendar year.
One other Basic Materials stock that has outperformed the sector so far this year is Newmont Corporation (NEM). The stock is up 67.4% year-to-date.
Over the past three months, Newmont Corporation's consensus EPS estimate for the current year has increased 31.2%. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Barrick Mining belongs to the Mining - Gold industry, which includes 39 individual stocks and currently sits at #43 in the Zacks Industry Rank. Stocks in this group have gained about 53% so far this year, so B is slightly underperforming its industry this group in terms of year-to-date returns. Newmont Corporation is also part of the same industry.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to Barrick Mining and Newmont Corporation as they could maintain their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
