Investors focused on the Basic Materials space have likely heard of Kirkland Lake Gold (KL - 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 KL and the rest of the Basic Materials group's stocks.
Kirkland Lake Gold is one of 247 companies in the Basic Materials group. The Basic Materials group currently sits at #14 within the Zacks Sector Rank. 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 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. KL is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for KL's full-year earnings has moved 13.85% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that KL has returned about 72.25% since the start of the calendar year. Meanwhile, stocks in the Basic Materials group have gained about 5.79% on average. This means that Kirkland Lake Gold is performing better than its sector in terms of year-to-date returns.
Looking more specifically, KL belongs to the Mining - Gold industry, which includes 35 individual stocks and currently sits at #9 in the Zacks Industry Rank. Stocks in this group have gained about 38.07% so far this year, so KL is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Basic Materials stocks should continue to pay close attention to KL as it looks to continue its solid performance.