Investors focused on the Basic Materials space have likely heard of Cameco (CCJ), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Cameco is a member of the Basic Materials sector. This group includes 239 individual stocks and currently holds a Zacks Sector Rank of #8. 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 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. CCJ is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CCJ's full-year earnings has moved 100% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CCJ has returned 1.35% so far this year. Meanwhile, the Basic Materials sector has returned an average of -28.17% on a year-to-date basis. This means that Cameco is performing better than its sector in terms of year-to-date returns.
Looking more specifically, CCJ belongs to the Mining - Miscellaneous industry, which includes 46 individual stocks and currently sits at #50 in the Zacks Industry Rank. On average, this group has lost an average of 22.16% so far this year, meaning that CCJ is performing better in terms of year-to-date returns.
CCJ 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.