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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $50.78, moving +1.38% from the previous trading session. This change outpaced the S&P 500's 0.63% loss on the day. Meanwhile, the Dow lost 0.19%, and the Nasdaq, a tech-heavy index, lost 0.34%.
Coming into today, shares of the mining company had gained 4.55% in the past month. In that same time, the Basic Materials sector gained 9.2%, while the S&P 500 gained 6.02%.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.84 per share. This would mark year-over-year growth of 64.71%. Meanwhile, our latest consensus estimate is calling for revenue of $6.22 billion, up 28.29% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.81 per share and revenue of $26.37 billion. These totals would mark changes of +21.73% and +15.41%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. 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.
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 3.14% higher within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 13.15. This valuation marks a premium compared to its industry's average Forward P/E of 10.66.
It is also worth noting that FCX currently has a PEG ratio of 0.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Non Ferrous was holding an average PEG ratio of 0.45 at yesterday's closing price.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 216, which puts it in the bottom 15% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $50.78, moving +1.38% from the previous trading session. This change outpaced the S&P 500's 0.63% loss on the day. Meanwhile, the Dow lost 0.19%, and the Nasdaq, a tech-heavy index, lost 0.34%.
Coming into today, shares of the mining company had gained 4.55% in the past month. In that same time, the Basic Materials sector gained 9.2%, while the S&P 500 gained 6.02%.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.84 per share. This would mark year-over-year growth of 64.71%. Meanwhile, our latest consensus estimate is calling for revenue of $6.22 billion, up 28.29% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.81 per share and revenue of $26.37 billion. These totals would mark changes of +21.73% and +15.41%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. 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.
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 3.14% higher within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 13.15. This valuation marks a premium compared to its industry's average Forward P/E of 10.66.
It is also worth noting that FCX currently has a PEG ratio of 0.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Non Ferrous was holding an average PEG ratio of 0.45 at yesterday's closing price.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 216, which puts it in the bottom 15% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.