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? 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 one of 247 individual stocks in the Basic Materials sector. Collectively, these companies sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. KL is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for KL's full-year earnings has moved 14.99% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that KL has returned about 68.42% since the start of the calendar year. Meanwhile, stocks in the Basic Materials group have gained about 15.93% on average. As we can see, Kirkland Lake Gold is performing better than its sector in the calendar year.
Looking more specifically, KL belongs to the Mining - Gold industry, which includes 35 individual stocks and currently sits at #97 in the Zacks Industry Rank. Stocks in this group have gained about 54.21% so far this year, so KL is performing better this group in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track KL. The stock will be looking to continue its solid performance.