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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 $42.83, moving +1.3% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.08%. At the same time, the Dow lost 0.34%, and the tech-heavy Nasdaq gained 11.55%.
Heading into today, shares of the mining company had gained 9.56% over the past month, outpacing the Basic Materials sector's loss of 2.28% and the S&P 500's loss of 1.03% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. On that day, Freeport-McMoRan is projected to report earnings of $0.37 per share, which would represent a year-over-year decline of 61.46%. Meanwhile, our latest consensus estimate is calling for revenue of $5.39 billion, down 12.59% from the prior-year quarter.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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. Over the past month, the Zacks Consensus EPS estimate has moved 2.49% higher. Freeport-McMoRan currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 25.04. For comparison, its industry has an average Forward P/E of 14.55, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 44, which puts it in the top 18% 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.
To follow FCX in the coming trading sessions, be sure to utilize 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 $42.83, moving +1.3% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.08%. At the same time, the Dow lost 0.34%, and the tech-heavy Nasdaq gained 11.55%.
Heading into today, shares of the mining company had gained 9.56% over the past month, outpacing the Basic Materials sector's loss of 2.28% and the S&P 500's loss of 1.03% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. On that day, Freeport-McMoRan is projected to report earnings of $0.37 per share, which would represent a year-over-year decline of 61.46%. Meanwhile, our latest consensus estimate is calling for revenue of $5.39 billion, down 12.59% from the prior-year quarter.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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. Over the past month, the Zacks Consensus EPS estimate has moved 2.49% higher. Freeport-McMoRan currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 25.04. For comparison, its industry has an average Forward P/E of 14.55, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 44, which puts it in the top 18% 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.