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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 $47.33, moving +0.66% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.2%. At the same time, the Dow lost 0.6%, and the tech-heavy Nasdaq gained 0.11%.
Shares of the mining company witnessed a gain of 23.97% over the previous month, beating the performance of the Basic Materials sector with its gain of 6.88% and the S&P 500's gain of 3.32%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company's earnings per share (EPS) are projected to be $0.37, reflecting a 28.85% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.64 billion, reflecting a 4.75% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.53 per share and a revenue of $23.61 billion, representing changes of -0.65% and +3.29%, respectively, from the prior year.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.41% higher. Freeport-McMoRan is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 30.74. For comparison, its industry has an average Forward P/E of 15.35, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 96, this industry ranks in the top 39% of all industries, numbering over 250.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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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 $47.33, moving +0.66% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.2%. At the same time, the Dow lost 0.6%, and the tech-heavy Nasdaq gained 0.11%.
Shares of the mining company witnessed a gain of 23.97% over the previous month, beating the performance of the Basic Materials sector with its gain of 6.88% and the S&P 500's gain of 3.32%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company's earnings per share (EPS) are projected to be $0.37, reflecting a 28.85% decrease from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.64 billion, reflecting a 4.75% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.53 per share and a revenue of $23.61 billion, representing changes of -0.65% and +3.29%, respectively, from the prior year.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.41% higher. Freeport-McMoRan is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 30.74. For comparison, its industry has an average Forward P/E of 15.35, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 96, this industry ranks in the top 39% of all industries, numbering over 250.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.