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United States Steel (X) Stock Sinks As Market Gains: What You Should Know

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United States Steel (X - Free Report) closed the most recent trading day at $28.83, moving -1.47% from the previous trading session. This change lagged the S&P 500's daily gain of 0.25%. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, added 7.26%.

Prior to today's trading, shares of the steel maker had gained 14.43% over the past month. This has outpaced the Basic Materials sector's gain of 10.34% and the S&P 500's gain of 5.73% in that time.

Investors will be hoping for strength from United States Steel as it approaches its next earnings release, which is expected to be February 2, 2023. The company is expected to report EPS of $0.60, down 83.52% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.95 billion, down 29.69% from the year-ago period.

Any recent changes to analyst estimates for United States Steel should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

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 19.66% higher. United States Steel is currently a Zacks Rank #3 (Hold).

Looking at its valuation, United States Steel is holding a Forward P/E ratio of 23.38. This valuation marks a premium compared to its industry's average Forward P/E of 11.59.

The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 18, which puts it in the top 8% 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.

To follow X in the coming trading sessions, be sure to utilize Zacks.com.


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