Investors focused on the Basic Materials space have likely heard of DAQO New Energy (DQ), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of DQ and the rest of the Basic Materials group's stocks.
DAQO New Energy is a member of our Basic Materials group, which includes 243 different companies and currently sits at #13 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
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. DQ is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for DQ's full-year earnings has moved 12.46% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, DQ has gained about 15.23% so far this year. Meanwhile, the Basic Materials sector has returned an average of -16.95% on a year-to-date basis. This means that DAQO New Energy is outperforming the sector as a whole this year.
Breaking things down more, DQ is a member of the Chemical - Specialty industry, which includes 36 individual companies and currently sits at #207 in the Zacks Industry Rank. On average, stocks in this group have lost 12.15% this year, meaning that DQ is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track DQ. The stock will be looking to continue its solid performance.
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