Is Loop Industries (LOOP) Stock Outpacing Its Basic Materials Peers This Year?

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Loop Industries, Inc. (LOOP) 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? 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.Loop Industries, Inc. is a member of our Basic Materials group, which includes 255 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Loop Industries, Inc. is currently sporting a Zacks Rank of #2 (Buy).Within the past quarter, the Zacks Consensus Estimate for LOOP's full-year earnings has moved 12% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.According to our latest data, LOOP has moved about 31.5% on a year-to-date basis. Meanwhile, the Basic Materials sector has returned an average of 22.1% on a year-to-date basis. This means that Loop Industries, Inc. is performing better than its sector in terms of year-to-date returns.Another stock in the Basic Materials sector, Methanex (MEOH), has outperformed the sector so far this year. The stock's year-to-date return is 34.2%.Over the past three months, Methanex's consensus EPS estimate for the current year has increased 1.6%. The stock currently has a Zacks Rank #2 (Buy).Looking more specifically, Loop Industries, Inc. belongs to the Chemical - Specialty industry, a group that includes 43 individual stocks and currently sits at #140 in the Zacks Industry Rank. On average, stocks in this group have gained 14.5% this year, meaning that LOOP is performing better in terms of year-to-date returns. On the other hand, Methanex belongs to the Chemical - Diversified industry. This 29-stock industry is currently ranked #196. The industry has moved +21.3% year to date.Loop Industries, Inc. and Methanex could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.Quantum Computing Stocks Set To SoarArtificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.Access the Report Free Now >>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 Loop Industries, Inc. (LOOP): Free Stock Analysis Report Methanex Corporation (MEOH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks