Is Norsk Hydro ASA (NHYDY) 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. Is Norsk Hydro ASA (NHYDY) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Norsk Hydro ASA is a member of the Basic Materials sector. This group includes 248 individual stocks and currently holds a Zacks Sector Rank of #11. 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 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. Norsk Hydro ASA is currently sporting a Zacks Rank of #1 (Strong Buy).Over the past 90 days, the Zacks Consensus Estimate for NHYDY's full-year earnings has moved 40% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.Our latest available data shows that NHYDY has returned about 47.9% since the start of the calendar year. At the same time, Basic Materials stocks have gained an average of 19.5%. This shows that Norsk Hydro ASA is outperforming its peers so far this year.One other Basic Materials stock that has outperformed the sector so far this year is Perimeter Solutions, SA (PRM). The stock is up 23.5% year-to-date.For Perimeter Solutions, SA, the consensus EPS estimate for the current year has increased 55.3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).To break things down more, Norsk Hydro ASA belongs to the Mining - Miscellaneous industry, a group that includes 72 individual companies and currently sits at #161 in the Zacks Industry Rank. On average, this group has gained an average of 32% so far this year, meaning that NHYDY is performing better in terms of year-to-date returns. On the other hand, Perimeter Solutions, SA belongs to the Chemical - Specialty industry. This 44-stock industry is currently ranked #103. The industry has moved +10.6% year to date.Investors with an interest in Basic Materials stocks should continue to track Norsk Hydro ASA and Perimeter Solutions, SA. These stocks will be looking to continue their solid performance.Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.See Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks