Is Barrick Gold (GOLD) Outperforming Other Basic Materials Stocks This Year?
Investors focused on the Basic Materials space have likely heard of Barrick Gold (GOLD), 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.
Barrick Gold is one of 236 individual stocks in the Basic Materials sector. Collectively, these companies sit at #3 in 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. GOLD is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for GOLD's full-year earnings has moved 8.53% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, GOLD has moved about 61.59% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of 3.39%. As we can see, Barrick Gold is performing better than its sector in the calendar year.
Looking more specifically, GOLD belongs to the Mining - Gold industry, which includes 31 individual stocks and currently sits at #64 in the Zacks Industry Rank. This group has gained an average of 50.51% so far this year, so GOLD is performing better in this area.
Investors in the Basic Materials sector will want to keep a close eye on GOLD as it attempts to continue its solid performance.
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