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Is Equinox Gold (EQX) Outperforming Other Basic Materials Stocks This Year?

Zacks Equity Research

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Equinox Gold (EQX) 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? One simple way to answer this question is to take a look at the year-to-date performance of EQX and the rest of the Basic Materials group's stocks.

Equinox Gold is a member of our Basic Materials group, which includes 243 different companies and currently sits at #13 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. EQX is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for EQX's full-year earnings has moved 1.79% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

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Our latest available data shows that EQX has returned about 0.26% since the start of the calendar year. Meanwhile, stocks in the Basic Materials group have lost about 26.57% on average. This means that Equinox Gold is performing better than its sector in terms of year-to-date returns.

Looking more specifically, EQX belongs to the Mining - Gold industry, which includes 34 individual stocks and currently sits at #25 in the Zacks Industry Rank. Stocks in this group have lost about 5.75% so far this year, so EQX is performing better this group in terms of year-to-date returns.

Investors with an interest in Basic Materials stocks should continue to track EQX. The stock will be looking to continue its solid performance.


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Zacks Investment Research