Freeport-McMoRan (FCX) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX) closed at $33.11, marking a -1.37% move from the previous day. This move lagged the S&P 500's daily gain of 0.16%.
Coming into today, shares of the mining company had lost 7.75% in the past month. In that same time, the Basic Materials sector lost 7.91%, while the S&P 500 lost 3.32%.
Investors will be hoping for strength from FCX as it approaches its next earnings release. In that report, analysts expect FCX to post earnings of $0.82 per share. This would mark year-over-year growth of 182.76%. Meanwhile, our latest consensus estimate is calling for revenue of $6.17 billion, up 60.3% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.95 per share and revenue of $23.03 billion. These totals would mark changes of +446.3% and +62.19%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for FCX. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. The Zacks Consensus EPS estimate has moved 0.55% lower within the past month. FCX is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, FCX is currently trading at a Forward P/E ratio of 11.38. For comparison, its industry has an average Forward P/E of 12.84, which means FCX is trading at a discount to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 192, which puts it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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FreeportMcMoRan Inc. (FCX) : Free Stock Analysis Report
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