U.S. markets open in 8 hours 15 minutes
  • S&P Futures

    3,270.50
    -31.75 (-0.96%)
     
  • Dow Futures

    26,321.00
    -236.00 (-0.89%)
     
  • Nasdaq Futures

    11,194.75
    -148.00 (-1.30%)
     
  • Russell 2000 Futures

    1,545.60
    -12.80 (-0.82%)
     
  • Crude Oil

    36.21
    +0.04 (+0.11%)
     
  • Gold

    1,875.00
    +7.00 (+0.37%)
     
  • Silver

    23.56
    +0.19 (+0.83%)
     
  • EUR/USD

    1.1684
    +0.0005 (+0.05%)
     
  • 10-Yr Bond

    0.8350
    0.0000 (0.00%)
     
  • Vix

    37.59
    -2.69 (-6.68%)
     
  • GBP/USD

    1.2911
    -0.0012 (-0.09%)
     
  • USD/JPY

    104.3200
    -0.2900 (-0.28%)
     
  • BTC-USD

    13,477.60
    -9.63 (-0.07%)
     
  • CMC Crypto 200

    263.94
    +21.26 (+8.76%)
     
  • FTSE 100

    5,581.75
    -1.05 (-0.02%)
     
  • Nikkei 225

    23,118.27
    -213.67 (-0.92%)
     

Freeport-McMoRan (FCX) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research
·2 mins read

Freeport-McMoRan (FCX) closed the most recent trading day at $16.80, moving -0.47% from the previous trading session. This change lagged the S&P 500's daily gain of 0.8%. Meanwhile, the Dow gained 0.43%, and the Nasdaq, a tech-heavy index, added 0.5%.

FCX will be looking to display strength as it nears its next earnings release, which is expected to be October 22, 2020. The company is expected to report EPS of $0.21, up 2200% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.66 billion, up 10.49% from the year-ago period.

FCX's full-year Zacks Consensus Estimates are calling for earnings of $0.46 per share and revenue of $13.63 billion. These results would represent year-over-year changes of +2200% and -6.35%, respectively.

Investors should also note any recent changes to analyst estimates for FCX. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 41.72% higher. FCX is holding a Zacks Rank of #1 (Strong Buy) right now.

Investors should also note FCX's current valuation metrics, including its Forward P/E ratio of 36.54. Its industry sports an average Forward P/E of 32.86, so we one might conclude that FCX is trading at a premium comparatively.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 74, which puts it in the top 30% 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.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
FreeportMcMoRan Inc. (FCX) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.