Is Kirkland Lake Gold (KL) Stock Outpacing Its Basic Materials Peers This Year?
Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Has Kirkland Lake Gold (KL) 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 Basic Materials sector should help us answer this question.
Kirkland Lake Gold is one of 246 companies in the Basic Materials group. The Basic Materials group currently sits at #16 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 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. KL is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for KL's full-year earnings has moved 18.18% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, KL has returned 73.02% so far this year. In comparison, Basic Materials companies have returned an average of 10.96%. 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 35 individual stocks and currently sits at #28 in the Zacks Industry Rank. On average, stocks in this group have gained 42.46% this year, meaning that KL is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track KL. The stock will be looking 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.