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Are Basic Materials Stocks Lagging Albemarle (ALB) This Year?
For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Albemarle (ALB - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Albemarle is a member of the Basic Materials sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #10. 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Albemarle is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for ALB's full-year earnings has moved 56.2% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, ALB has returned 22.9% so far this year. Meanwhile, stocks in the Basic Materials group have lost about 12.8% on average. This means that Albemarle is outperforming the sector as a whole this year.
One other Basic Materials stock that has outperformed the sector so far this year is Daqo New Energy (DQ - Free Report) . The stock is up 39.8% year-to-date.
For Daqo New Energy, the consensus EPS estimate for the current year has increased 20.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
Looking more specifically, Albemarle belongs to the Chemical - Diversified industry, which includes 35 individual stocks and currently sits at #98 in the Zacks Industry Rank. On average, this group has lost an average of 13.8% so far this year, meaning that ALB is performing better in terms of year-to-date returns.
On the other hand, Daqo New Energy belongs to the Chemical - Specialty industry. This 34-stock industry is currently ranked #55. The industry has moved -25.7% year to date.
Investors with an interest in Basic Materials stocks should continue to track Albemarle and Daqo New Energy. These stocks will be looking to continue their solid performance.