Yahoo Finance Is New Found Gold Corp. (NFGC) Stock Outpacing Its Basic Materials Peers This Year?
Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. New Found Gold Corp. (NFGC) 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 Found Gold Corp. is a member of our Basic Materials group, which includes 240 different companies and currently sits at #6 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
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. New Found Gold Corp. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for NFGC's full-year earnings has moved 1.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, NFGC has returned 5.1% so far this year. At the same time, Basic Materials stocks have gained an average of 0.4%. This means that New Found Gold Corp. is performing better than its sector in terms of year-to-date returns.
Allegheny Technologies (ATI) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 30.5%.
In Allegheny Technologies' case, the consensus EPS estimate for the current year increased 6.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, New Found Gold Corp. belongs to the Mining - Gold industry, a group that includes 39 individual stocks and currently sits at #15 in the Zacks Industry Rank. On average, this group has gained an average of 15.1% so far this year, meaning that NFGC is slightly underperforming its industry in terms of year-to-date returns.
In contrast, Allegheny Technologies falls under the Steel - Speciality industry. Currently, this industry has 6 stocks and is ranked #59. Since the beginning of the year, the industry has moved +31%.
Investors with an interest in Basic Materials stocks should continue to track New Found Gold Corp. and Allegheny Technologies. These stocks will be looking to continue their solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
New Found Gold Corp. (NFGC) : Free Stock Analysis Report
ATI Inc. (ATI) : Free Stock Analysis Report
