Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Is Methanex (MEOH) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Methanex is a member of the Basic Materials sector. This group includes 249 individual stocks and currently holds a Zacks Sector Rank of #11. 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 is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Methanex is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for MEOH's full-year earnings has moved 63% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that MEOH has returned about 57.5% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 16.7%. This shows that Methanex is outperforming its peers so far this year.
Another stock in the Basic Materials sector, Anglo American (NGLOY), has outperformed the sector so far this year. The stock's year-to-date return is 33.5%.
The consensus estimate for Anglo American's current year EPS has increased 37.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Methanex belongs to the Chemical - Diversified industry, which includes 29 individual stocks and currently sits at #109 in the Zacks Industry Rank. On average, stocks in this group have gained 26.8% this year, meaning that MEOH is performing better in terms of year-to-date returns.
On the other hand, Anglo American belongs to the Mining - Miscellaneous industry. This 72-stock industry is currently ranked #165. The industry has moved +30% year to date.
Investors interested in the Basic Materials sector may want to keep a close eye on Methanex and Anglo American as they attempt to continue their solid performance.
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Methanex Corporation (MEOH): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).