Investors focused on the Basic Materials space have likely heard of United States Steel (X), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.
United States Steel is one of 245 companies in the Basic Materials group. The Basic Materials group currently sits at #2 within 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 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. X is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for X's full-year earnings has moved 366.69% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, X has moved about 28.03% on a year-to-date basis. Meanwhile, stocks in the Basic Materials group have gained about 18.02% on average. This means that United States Steel is outperforming the sector as a whole this year.
Looking more specifically, X belongs to the Steel - Producers industry, which includes 24 individual stocks and currently sits at #3 in the Zacks Industry Rank. This group has gained an average of 34.60% so far this year, so X is slightly underperforming its industry in this area.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to X as it looks to continue its solid 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.