Freeport-McMoRan (FCX) Rises Higher Than Market: Key Facts
Freeport-McMoRan (FCX) closed the most recent trading day at $43.20, moving +0.86% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.14%. Elsewhere, the Dow saw an upswing of 0.3%, while the tech-heavy Nasdaq appreciated by 0.16%.
Shares of the mining company have appreciated by 15.07% over the course of the past month, outperforming the Basic Materials sector's gain of 8.36% and the S&P 500's gain of 4.89%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.32, showcasing a 38.46% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $5.82 billion, indicating a 1.16% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $1.54 per share and a revenue of $22.85 billion, demonstrating changes of -36.89% and +0.32%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 moved 6.19% higher. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 27.85 right now. This expresses a premium compared to the average Forward P/E of 20.08 of its industry.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 217, finds itself in the bottom 14% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
