For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Contango ORE, Inc. (CTGO) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Contango ORE, Inc. is one of 242 companies in the Basic Materials group. The Basic Materials group currently sits at #13 within 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Contango ORE, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CTGO's full-year earnings has moved 186.7% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, CTGO has returned 149.7% so far this year. Meanwhile, the Basic Materials sector has returned an average of 24.3% on a year-to-date basis. This means that Contango ORE, Inc. is performing better than its sector in terms of year-to-date returns.
Hawkins (HWKN) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 45.2%.
The consensus estimate for Hawkins' current year EPS has increased 1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Contango ORE, Inc. belongs to the Mining - Miscellaneous industry, which includes 70 individual stocks and currently sits at #142 in the Zacks Industry Rank. On average, this group has gained an average of 29% so far this year, meaning that CTGO is performing better in terms of year-to-date returns.
In contrast, Hawkins falls under the Chemical - Specialty industry. Currently, this industry has 37 stocks and is ranked #149. Since the beginning of the year, the industry has moved +3.1%.
Investors with an interest in Basic Materials stocks should continue to track Contango ORE, Inc. and Hawkins. 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
Contango ORE, Inc. (CTGO): Free Stock Analysis Report Hawkins, Inc. (HWKN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
