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Freeport-McMoRan (FCX) Gains But Lags Market: What You Should Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $39.35, marking a +0.33% move from the previous day. This move lagged the S&P 500's daily gain of 0.45%. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq gained 1.99%.
Coming into today, shares of the mining company had gained 14.21% in the past month. In that same time, the Basic Materials sector gained 4.21%, while the S&P 500 gained 4.25%.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. In that report, analysts expect Freeport-McMoRan to post earnings of $0.33 per share. This would mark a year-over-year decline of 43.1%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.94 billion, up 9.66% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.76 per share and revenue of $23.74 billion. These totals would mark changes of -27.87% and +4.2%, respectively, from last year.
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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 14.18% lower within the past month. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 22.23. For comparison, its industry has an average Forward P/E of 16.84, 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 111, which puts it in the top 45% 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.
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Freeport-McMoRan (FCX) Gains But Lags Market: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $39.35, marking a +0.33% move from the previous day. This move lagged the S&P 500's daily gain of 0.45%. At the same time, the Dow added 0.8%, and the tech-heavy Nasdaq gained 1.99%.
Coming into today, shares of the mining company had gained 14.21% in the past month. In that same time, the Basic Materials sector gained 4.21%, while the S&P 500 gained 4.25%.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. In that report, analysts expect Freeport-McMoRan to post earnings of $0.33 per share. This would mark a year-over-year decline of 43.1%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.94 billion, up 9.66% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.76 per share and revenue of $23.74 billion. These totals would mark changes of -27.87% and +4.2%, respectively, from last year.
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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 14.18% lower within the past month. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 22.23. For comparison, its industry has an average Forward P/E of 16.84, 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 111, which puts it in the top 45% 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.