Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know
Freeport-McMoRan (FCX) closed the most recent trading day at $40.54, moving +1% from the previous trading session. This change outpaced the S&P 500's 0.14% gain on the day. At the same time, the Dow lost 0.18%, and the tech-heavy Nasdaq gained 1.54%.
Prior to today's trading, shares of the mining company had lost 8.13% over the past month. This has lagged the Basic Materials sector's loss of 3.08% and the S&P 500's loss of 4.07% in that time.
Freeport-McMoRan will be looking to display strength as it nears its next earnings release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.44 per share. This would mark a year-over-year decline of 58.88%. Meanwhile, our latest consensus estimate is calling for revenue of $5.36 billion, down 18.88% from the prior-year quarter.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $1.98 per share and revenue of $23.11 billion. These results would represent year-over-year changes of -18.85% and +1.44%, respectively.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.7% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 20.29. This represents a premium compared to its industry's average Forward P/E of 17.25.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 190, putting it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
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