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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 at $26.44 in the latest trading session, marking a +0.53% move from the prior day. This move outpaced the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.67%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Prior to today's trading, shares of the mining company had lost 28.57% over the past month. This has lagged the Basic Materials sector's loss of 22.59% and the S&P 500's loss of 1.89% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. This is expected to be July 21, 2022. The company is expected to report EPS of $0.88, up 14.29% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $6.64 billion, up 15.49% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.73 per share and revenue of $26.52 billion, which would represent changes of +19.17% and +16.11%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. Within the past 30 days, our consensus EPS projection has moved 4.94% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 7.05. Its industry sports an average Forward P/E of 6.37, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
Also, we should mention that FCX has a PEG ratio of 0.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.66 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 236, putting it in the bottom 7% 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 at $26.44 in the latest trading session, marking a +0.53% move from the prior day. This move outpaced the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.67%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Prior to today's trading, shares of the mining company had lost 28.57% over the past month. This has lagged the Basic Materials sector's loss of 22.59% and the S&P 500's loss of 1.89% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. This is expected to be July 21, 2022. The company is expected to report EPS of $0.88, up 14.29% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $6.64 billion, up 15.49% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.73 per share and revenue of $26.52 billion, which would represent changes of +19.17% and +16.11%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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. Within the past 30 days, our consensus EPS projection has moved 4.94% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 7.05. Its industry sports an average Forward P/E of 6.37, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
Also, we should mention that FCX has a PEG ratio of 0.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.66 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 236, putting it in the bottom 7% 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.