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Is Agnico Eagle Mines (AEM) Stock Outpacing Its Basic Materials Peers This Year?

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Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Agnico Eagle Mines (AEM - Free Report) one of those stocks right now? 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.

Agnico Eagle Mines is a member of the Basic Materials sector. This group includes 239 individual stocks and currently holds a Zacks Sector Rank of #6. 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. Agnico Eagle Mines is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for AEM's full-year earnings has moved 12.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

According to our latest data, AEM has moved about 112.1% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of 21.4%. This shows that Agnico Eagle Mines is outperforming its peers so far this year.

Another stock in the Basic Materials sector, Centerra Gold Inc. (CGAU - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 117.2%.

The consensus estimate for Centerra Gold Inc.'s current year EPS has increased 10.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Breaking things down more, Agnico Eagle Mines is a member of the Mining - Gold industry, which includes 41 individual companies and currently sits at #31 in the Zacks Industry Rank. This group has gained an average of 126.4% so far this year, so AEM is slightly underperforming its industry in this area. Centerra Gold Inc. is also part of the same industry.

Agnico Eagle Mines and Centerra Gold Inc. could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.


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