For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Barrick Gold (GOLD) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
Barrick Gold is a member of our Basic Materials group, which includes 243 different companies and currently sits at #13 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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. GOLD is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for GOLD's full-year earnings has moved 11.17% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, GOLD has returned 7.21% so far this year. At the same time, Basic Materials stocks have lost an average of 26.57%. As we can see, Barrick Gold is performing better than its sector in the calendar year.
Breaking things down more, GOLD is a member of the Mining - Gold industry, which includes 34 individual companies and currently sits at #25 in the Zacks Industry Rank. On average, stocks in this group have lost 5.75% this year, meaning that GOLD is performing better in terms of year-to-date returns.
Investors with an interest in Basic Materials stocks should continue to track GOLD. The stock will be looking to continue its solid performance.