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Is Newmont Mining (NEM) Stock Outpacing Its Basic Materials Peers This Year?
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The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Newmont Mining (NEM - Free Report) one of those stocks right now? 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.
Newmont Mining is a member of the Basic Materials sector. This group includes 248 individual stocks and currently holds a Zacks Sector Rank of #12. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. NEM is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NEM's full-year earnings has moved 6.24% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, NEM has gained about 15.15% so far this year. At the same time, Basic Materials stocks have gained an average of 14.42%. As we can see, Newmont Mining is performing better than its sector in the calendar year.
Looking more specifically, NEM belongs to the Mining - Gold industry, a group that includes 32 individual stocks and currently sits at #26 in the Zacks Industry Rank. This group has gained an average of 39.47% so far this year, so NEM is slightly underperforming its industry in this area.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to NEM as it looks to continue its solid performance.
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Is Newmont Mining (NEM) Stock Outpacing Its Basic Materials Peers This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Newmont Mining (NEM - Free Report) one of those stocks right now? 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.
Newmont Mining is a member of the Basic Materials sector. This group includes 248 individual stocks and currently holds a Zacks Sector Rank of #12. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. NEM is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NEM's full-year earnings has moved 6.24% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, NEM has gained about 15.15% so far this year. At the same time, Basic Materials stocks have gained an average of 14.42%. As we can see, Newmont Mining is performing better than its sector in the calendar year.
Looking more specifically, NEM belongs to the Mining - Gold industry, a group that includes 32 individual stocks and currently sits at #26 in the Zacks Industry Rank. This group has gained an average of 39.47% so far this year, so NEM is slightly underperforming its industry in this area.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to NEM as it looks to continue its solid performance.