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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 Cabot (CBT) one of those stocks right now? 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.
Cabot is one of 236 individual stocks in the Basic Materials sector. Collectively, these companies sit at #16 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 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. Cabot is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for CBT's full-year earnings has moved 4.2% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Our latest available data shows that CBT has returned about 21.5% since the start of the calendar year. At the same time, Basic Materials stocks have lost an average of 6.8%. This shows that Cabot is outperforming its peers so far this year.
Another stock in the Basic Materials sector, Vista Gold (VGZ), has outperformed the sector so far this year. The stock's year-to-date return is 37.1%.
In Vista Gold's case, the consensus EPS estimate for the current year increased 250% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Cabot belongs to the Chemical - Diversified industry, a group that includes 29 individual companies and currently sits at #213 in the Zacks Industry Rank. Stocks in this group have lost about 5.7% so far this year, so CBT is performing better this group in terms of year-to-date returns.
In contrast, Vista Gold falls under the Mining - Gold industry. Currently, this industry has 37 stocks and is ranked #137. Since the beginning of the year, the industry has moved +21.7%.
Investors with an interest in Basic Materials stocks should continue to track Cabot and Vista Gold. These stocks will be looking to continue their solid performance.
Zacks Investment Research
The price trend for Vista Gold has been bearish lately and the stock has lost 5% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.
The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this gold mining company enhances its prospects of a trend reversal.
What is a Hammer Chart and How to Trade It?
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Makes the Trend Reversal More Likely for VGZ
An upward trend in earnings estimate revisions that VGZ has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
Over the last 30 days, the consensus EPS estimate for the current year has increased 280%. What it means is that the sell-side analysts covering VGZ are majorly in agreement that the company will report better earnings than they predicted earlier.
If this is not enough, you should note that VGZ currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
Moreover, the Zacks Rank has proven to be an excellent timing indicator, helping investors identify precisely when a company's prospects are beginning to improve. So, for the shares of Vista Gold, a Zacks Rank of 2 is a more conclusive fundamental indication of a potential turnaround.
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