Yahoo Finance Is Piedmont Lithium (PLL) Outperforming Other Basic Materials Stocks This Year?
The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Piedmont Lithium Inc. (PLL) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.
Piedmont Lithium Inc. is one of 236 companies in the Basic Materials group. The Basic Materials group currently sits at #13 within 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 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. Piedmont Lithium Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for PLL's full-year earnings has moved 140.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that PLL has returned about 31.2% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of -0.5%. As we can see, Piedmont Lithium Inc. is performing better than its sector in the calendar year.
Another stock in the Basic Materials sector, Energy Fuels (UUUU), has outperformed the sector so far this year. The stock's year-to-date return is 1.6%.
For Energy Fuels, the consensus EPS estimate for the current year has increased 314.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Piedmont Lithium Inc. belongs to the Mining - Miscellaneous industry, which includes 50 individual stocks and currently sits at #168 in the Zacks Industry Rank. On average, stocks in this group have lost 7% this year, meaning that PLL is performing better in terms of year-to-date returns.
On the other hand, Energy Fuels belongs to the Mining - Non Ferrous industry. This 12-stock industry is currently ranked #67. The industry has moved -1.6% year to date.
Piedmont Lithium Inc. and Energy Fuels could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.
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
Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report
Energy Fuels Inc (UUUU) : Free Stock Analysis Report
