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Why United States Steel (X) Dipped More Than Broader Market Today
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United States Steel (X - Free Report) ended the recent trading session at $32.02, demonstrating a -1.36% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.85%. Meanwhile, the Dow experienced a drop of 0.75%, and the technology-dominated Nasdaq saw a decrease of 0.96%.
Heading into today, shares of the steel maker had gained 3.31% over the past month, outpacing the Basic Materials sector's loss of 6.34% and the S&P 500's loss of 3.02% in that time.
Investors will be eagerly watching for the performance of United States Steel in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 26, 2023. On that day, United States Steel is projected to report earnings of $1.15 per share, which would represent a year-over-year decline of 41.03%. In the meantime, our current consensus estimate forecasts the revenue to be $4.39 billion, indicating a 15.58% decline compared to the corresponding quarter of the prior year.
X's full-year Zacks Consensus Estimates are calling for earnings of $4.23 per share and revenue of $17.9 billion. These results would represent year-over-year changes of -57.49% and -15.02%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for United States Steel. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.24% increase. United States Steel presently features a Zacks Rank of #3 (Hold).
In terms of valuation, United States Steel is currently trading at a Forward P/E ratio of 7.67. This represents a discount compared to its industry's average Forward P/E of 8.24.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank is ordered 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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Why United States Steel (X) Dipped More Than Broader Market Today
United States Steel (X - Free Report) ended the recent trading session at $32.02, demonstrating a -1.36% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.85%. Meanwhile, the Dow experienced a drop of 0.75%, and the technology-dominated Nasdaq saw a decrease of 0.96%.
Heading into today, shares of the steel maker had gained 3.31% over the past month, outpacing the Basic Materials sector's loss of 6.34% and the S&P 500's loss of 3.02% in that time.
Investors will be eagerly watching for the performance of United States Steel in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 26, 2023. On that day, United States Steel is projected to report earnings of $1.15 per share, which would represent a year-over-year decline of 41.03%. In the meantime, our current consensus estimate forecasts the revenue to be $4.39 billion, indicating a 15.58% decline compared to the corresponding quarter of the prior year.
X's full-year Zacks Consensus Estimates are calling for earnings of $4.23 per share and revenue of $17.9 billion. These results would represent year-over-year changes of -57.49% and -15.02%, respectively.
Investors should also take note of any recent adjustments to analyst estimates for United States Steel. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.24% increase. United States Steel presently features a Zacks Rank of #3 (Hold).
In terms of valuation, United States Steel is currently trading at a Forward P/E ratio of 7.67. This represents a discount compared to its industry's average Forward P/E of 8.24.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank is ordered 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.