Freeport-McMoRan (FCX) Stock Dips While Market Gains: Key Facts
Freeport-McMoRan (FCX) closed the most recent trading day at $44.48, moving -0.29% from the previous trading session. This move lagged the S&P 500's daily gain of 0.63%. At the same time, the Dow added 0.2%, and the tech-heavy Nasdaq gained 0.82%.
The mining company's shares have seen an increase of 14.89% over the last month, surpassing the Basic Materials sector's gain of 5.32% and the S&P 500's gain of 1.76%.
Analysts and investors alike will be keeping a close eye on the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is expected to report EPS of $0.36, down 30.77% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $5.64 billion, indicating a 4.75% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.52 per share and revenue of $23.19 billion. These totals would mark changes of -1.3% and +1.48%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
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. The Zacks Consensus EPS estimate has moved 4.47% higher within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 29.28. This valuation marks a premium compared to its industry's average Forward P/E of 14.14.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 148, positioning it in the bottom 42% 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
