Is Kirkland Lake Gold (KL) Stock Outpacing Its Basic Materials Peers This Year?
Investors focused on the Basic Materials space have likely heard of Kirkland Lake Gold (KL), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Kirkland Lake Gold is a member of our Basic Materials group, which includes 247 different companies and currently sits at #14 in the Zacks Sector Rank. 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 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. KL is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for KL's full-year earnings has moved 15.10% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, KL has moved about 62.44% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of 10.24%. This means that Kirkland Lake Gold is performing better than its sector in terms of year-to-date returns.
Looking more specifically, KL belongs to the Mining - Gold industry, which includes 32 individual stocks and currently sits at #13 in the Zacks Industry Rank. On average, stocks in this group have gained 37.89% this year, meaning that KL is performing better in terms of year-to-date returns.
KL 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.