Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX) closed at $45.35 in the latest trading session, marking a +0.55% move from the prior day. This change outpaced the S&P 500's 0.31% loss on the day. Meanwhile, the Dow experienced a drop of 0.41%, and the technology-dominated Nasdaq saw a decrease of 0.27%.
Prior to today's trading, shares of the mining company had gained 15.76% over the past month. This has outpaced the Basic Materials sector's gain of 5.14% and the S&P 500's gain of 3.05% in that time.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company is expected to report EPS of $0.37, down 28.85% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.64 billion, up 4.75% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.53 per share and a revenue of $23.19 billion, indicating changes of -0.65% and +1.48%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.07% upward. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 29.48. Its industry sports an average Forward P/E of 14.92, so one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 79, which puts it in the top 32% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
