Is Barrick Gold (GOLD) Outperforming Other Basic Materials Stocks This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Barrick Gold (GOLD) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Barrick Gold is a member of our Basic Materials group, which includes 248 different companies and currently sits at #13 in 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 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. GOLD is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for GOLD's full-year earnings has moved 22.66% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that GOLD has returned about 34.27% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 3.26%. This shows that Barrick Gold is outperforming its peers so far this year.
To break things down more, GOLD belongs to the Mining - Gold industry, a group that includes 32 individual companies and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 43.25% this year, meaning that GOLD is slightly underperforming its industry in terms of year-to-date returns.
GOLD will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.
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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.