Ingevity Corporation’s NGVT stock looks promising at the moment. It is benefiting from its cost-saving actions, growth in its applications driven by regulations and technology adoption and the acquisition of the Capa caprolactone business.We are positive on the company’s prospects and believe that the time is right for you to add the stock to the portfolio as it is poised to carry the momentum ahead.Let's see what makes this Zacks Rank #2 (Buy) stock an attractive investment option at the moment.Price PerformanceShares of Ingevity have rallied 53.6% over the past year against the 16.5% decline of its industry. It has also outperformed the S&P 500’s 38% rise over the same period. Image Source: Zacks Investment Research Estimates NorthboundEarnings estimate revisions have the greatest impact on stock prices. Over the past month, the Zacks Consensus Estimate for Ingevity for the current year has increased around 4.7%. The consensus estimate for 2022 has also been revised 4.2% upward over the same time frame.Positive Earnings Surprise HistoryIngevity has outpaced the Zacks Consensus Estimate in each of the trailing four quarters. In this time frame, it has delivered an earnings surprise of 49.2%, on average.Attractive ValuationValuation looks attractive as Ingevity’s shares are currently trading at a level that is lower than the industry average, suggesting that the stock still has upside potential.Going by the EV/EBITDA (Enterprise Value/ Earnings before Interest, Tax, Depreciation and Amortization) multiple, which is often used to value chemical stocks, Ingevity is currently trading at trailing 12-month EV/EBITDA multiple of 10.52, cheaper compared with the industry average of 30.14.Superior Return on Equity (ROE)ROE is a measure of a company’s efficiency in utilizing shareholder’s funds. ROE for the trailing 12-months for Ingevity is 33.9%, above the industry’s level of 11.1%.Upbeat ProspectsIngevity is gaining from growth in its applications driven by regulations and technology adoption, its cost-management actions and the Capa caprolactone buyout.The company saw a strong rise in automotive-based activated carbon sales and a significant growth in engineered polymers across several applications in the first quarter of 2021. Strong global automotive sales drove growth for its activated carbon products used in gasoline vapor emission control systems.Moreover, the company is benefiting from higher sales in China as automakers in the country have completed the implementation of the China 6 standard. Its sales in China roughly doubled year over year in the first quarter on strong automotive production.The company is also taking certain cost-reduction measures in the wake of the coronavirus pandemic to boost profitability. Ingevity saw benefits of its cost initiatives in the first quarter.Ingevity is also benefiting from the acquisition of the Capa caprolactone business. Capa has a strong and market-leading business that focuses on high-growth end-use applications. The buyout enabled Ingevity with a new technology platform to drive revenue and earnings growth.The company, last month, also raised its outlook for sales for 2021 to $1.275-$1.325 billion from $1.25-$1.30 billion expected earlier. It also now anticipates adjusted EBITDA of $410-$430 million, up from the prior view of $400-$420 million. Ingevity Corporation Price and Consensus Ingevity Corporation price-consensus-chart | Ingevity Corporation Quote Stocks to ConsiderOther top-ranked stocks worth considering in the basic materials space include Nucor Corporation NUE, Cabot Corporation CBT and Impala Platinum Holdings Limited IMPUY.Nucor has a projected earnings growth rate of 238% for the current year. The company’s shares have rallied around 142% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have surged 74% in the past year. It currently sports a Zacks Rank #1.Impala Platinum has an expected earnings growth rate of 225.2% for the current fiscal. The company’s shares have surged around 147% in the past year. It currently carries a Zacks Rank #2.Zacks' Top Picks to Cash in on Artificial IntelligenceIn 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today. See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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 Nucor Corporation (NUE): Free Stock Analysis Report Cabot Corporation (CBT): Free Stock Analysis Report Impala Platinum Holdings Ltd. (IMPUY): Free Stock Analysis Report Ingevity Corporation (NGVT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research