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Is DAQO New Energy (DQ) Stock Outpacing Its Basic Materials Peers This Year?

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Investors focused on the Basic Materials space have likely heard of DAQO New Energy (DQ - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? 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.

DAQO New Energy is one of 235 individual stocks in the Basic Materials sector. Collectively, these companies sit at #5 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).

Within the past quarter, the Zacks Consensus Estimate for DQ's full-year earnings has moved 50.54% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

According to our latest data, DQ has moved about 160.49% on a year-to-date basis. Meanwhile, stocks in the Basic Materials group have gained about 1.45% on average. As we can see, DAQO New Energy is performing better than its sector in the calendar year.

Breaking things down more, DQ is a member of the Chemical - Specialty industry, which includes 33 individual companies and currently sits at #122 in the Zacks Industry Rank. On average, stocks in this group have lost 9.31% 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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