Is Ingevity (NGVT) Outperforming Other Basic Materials Stocks This Year?

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Ingevity (NGVT) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.Ingevity is one of 234 individual stocks in the Basic Materials sector. Collectively, these companies sit at #11 in 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. Ingevity is currently sporting a Zacks Rank of #1 (Strong Buy).Within the past quarter, the Zacks Consensus Estimate for NGVT's full-year earnings has moved 29% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.Based on the most recent data, NGVT has returned 12.6% so far this year. Meanwhile, the Basic Materials sector has returned an average of -7.3% on a year-to-date basis. As we can see, Ingevity is performing better than its sector in the calendar year.Another stock in the Basic Materials sector, Nouveau Monde Graphite Inc. (NMG), has outperformed the sector so far this year. The stock's year-to-date return is 32.1%.For Nouveau Monde Graphite Inc. the consensus EPS estimate for the current year has increased 9.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).Breaking things down more, Ingevity is a member of the Chemical - Specialty industry, which includes 33 individual companies and currently sits at #211 in the Zacks Industry Rank. Stocks in this group have lost about 17.5% so far this year, so NGVT is performing better this group in terms of year-to-date returns.On the other hand, Nouveau Monde Graphite Inc. belongs to the Mining - Miscellaneous industry. This 60-stock industry is currently ranked #133. The industry has moved -18.7% year to date.Ingevity and Nouveau Monde Graphite Inc. could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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 Ingevity Corporation (NGVT): Free Stock Analysis Report Nouveau Monde Graphite Inc. (NMG): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks