For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Barrick Gold (GOLD - Free Report) 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 the Basic Materials sector. This group includes 236 individual stocks and currently holds a Zacks Sector Rank of #2. 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 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 0.80% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that GOLD has returned about 55.51% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 1.05%. This means that Barrick Gold is performing better than its sector in terms of year-to-date returns.
Looking more specifically, GOLD belongs to the Mining - Gold industry, which includes 31 individual stocks and currently sits at #51 in the Zacks Industry Rank. On average, this group has gained an average of 51.16% so far this year, meaning that GOLD is performing better in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to GOLD as it looks to continue its solid performance.