Investors focused on the Basic Materials space have likely heard of Methanex (MEOH - Free Report) , 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 MEOH and the rest of the Basic Materials group's stocks.
Methanex is one of 252 individual stocks in the Basic Materials sector. Collectively, these companies sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. MEOH is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for MEOH's full-year earnings has moved 6.83% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that MEOH has returned about 9.15% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of -9.10%. This means that Methanex is outperforming the sector as a whole this year.
Breaking things down more, MEOH is a member of the Chemical - Diversified industry, which includes 43 individual companies and currently sits at #216 in the Zacks Industry Rank. Stocks in this group have lost about 13.53% so far this year, so MEOH is performing better this group in terms of year-to-date returns.
MEOH will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.