Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Kirkland Lake Gold (KL - 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.
Kirkland Lake Gold is a member of the Basic Materials sector. This group includes 239 individual stocks and currently holds a Zacks Sector Rank of #14. 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 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. KL is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for KL's full-year earnings has moved 41.69% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, KL has gained about 33.38% so far this year. Meanwhile, the Basic Materials sector has returned an average of 11.23% on a year-to-date basis. This shows that Kirkland Lake Gold is outperforming its peers so far this year.
Looking more specifically, KL belongs to the Mining - Gold industry, a group that includes 32 individual stocks and currently sits at #52 in the Zacks Industry Rank. On average, stocks in this group have gained 6.24% this year, meaning that KL is performing better in terms of year-to-date returns.
KL 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.