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Is New Gold (NGD) Outperforming Other Basic Materials Stocks This Year?
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For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. New Gold (NGD - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
New Gold is a member of our Basic Materials group, which includes 238 different companies and currently sits at #10 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. New Gold is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NGD's full-year earnings has moved 68.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that NGD has returned about 41.8% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of -4.4%. As we can see, New Gold is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, Equinox Gold (EQX - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 9.8%.
The consensus estimate for Equinox Gold's current year EPS has increased 132.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, New Gold is a member of the Mining - Gold industry, which includes 37 individual companies and currently sits at #48 in the Zacks Industry Rank. This group has gained an average of 17.1% so far this year, so NGD is performing better in this area. Equinox Gold is also part of the same industry.
Investors with an interest in Basic Materials stocks should continue to track New Gold and Equinox Gold. These stocks will be looking to continue their solid performance.
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Is New Gold (NGD) Outperforming Other Basic Materials Stocks This Year?
For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. New Gold (NGD - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
New Gold is a member of our Basic Materials group, which includes 238 different companies and currently sits at #10 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. New Gold is currently sporting a Zacks Rank of #2 (Buy).
Within the past quarter, the Zacks Consensus Estimate for NGD's full-year earnings has moved 68.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that NGD has returned about 41.8% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of -4.4%. As we can see, New Gold is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, Equinox Gold (EQX - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 9.8%.
The consensus estimate for Equinox Gold's current year EPS has increased 132.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, New Gold is a member of the Mining - Gold industry, which includes 37 individual companies and currently sits at #48 in the Zacks Industry Rank. This group has gained an average of 17.1% so far this year, so NGD is performing better in this area. Equinox Gold is also part of the same industry.
Investors with an interest in Basic Materials stocks should continue to track New Gold and Equinox Gold. These stocks will be looking to continue their solid performance.