Freeport-McMoRan (FCX) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Freeport-McMoRan (FCX) closed the most recent trading day at $38.24, moving -1.7% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.56%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.59%.
Prior to today's trading, shares of the mining company had lost 7.78% over the past month. This has lagged the Basic Materials sector's loss of 4.65% and the S&P 500's gain of 1.2% in that time.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on January 24, 2024. In that report, analysts expect Freeport-McMoRan to post earnings of $0.23 per share. This would mark a year-over-year decline of 55.77%. In the meantime, our current consensus estimate forecasts the revenue to be $5.84 billion, indicating a 1.5% growth compared to the corresponding quarter of the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.95% higher. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 22.86. This signifies a premium in comparison to the average Forward P/E of 17.7 for its industry.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 207, which puts it in the bottom 18% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
