Freeport-McMoRan (FCX) Stock Moves -1.1%: What You Should Know
Freeport-McMoRan (FCX) closed at $37.84 in the latest trading session, marking a -1.1% move from the prior day. This change was narrower than the S&P 500's 1.65% loss on the day. Meanwhile, the Dow lost 1.63%, and the Nasdaq, a tech-heavy index, lost 6.65%.
Coming into today, shares of the mining company had lost 10.31% in the past month. In that same time, the Basic Materials sector lost 2.51%, while the S&P 500 gained 0.3%.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. The company is expected to report EPS of $0.44, down 58.88% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.36 billion, down 18.88% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.98 per share and revenue of $23.11 billion. These totals would mark changes of -18.85% and +1.44%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. 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 19.34. This represents a premium compared to its industry's average Forward P/E of 16.1.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
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