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Freeport-McMoRan (FCX) Ascends While Market Falls: Some Facts to Note
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $48.60, moving +0.58% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.41%. At the same time, the Dow lost 0.12%, and the tech-heavy Nasdaq lost 0.71%.
Coming into today, shares of the mining company had lost 7.63% in the past month. In that same time, the Basic Materials sector lost 4.9%, while the S&P 500 gained 3.53%.
The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company is forecasted to report an EPS of $0.45, showcasing a 28.57% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $6.22 billion, up 8.4% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.73 per share and revenue of $25.37 billion. These totals would mark changes of +12.34% and +10.99%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 4.44% higher. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 27.86. This represents a premium compared to its industry's average Forward P/E of 15.23.
It's also important to note that FCX currently trades at a PEG ratio of 1.99. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Non Ferrous industry had an average PEG ratio of 0.72 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 65, this industry ranks in the top 26% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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) Ascends While Market Falls: Some Facts to Note
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $48.60, moving +0.58% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.41%. At the same time, the Dow lost 0.12%, and the tech-heavy Nasdaq lost 0.71%.
Coming into today, shares of the mining company had lost 7.63% in the past month. In that same time, the Basic Materials sector lost 4.9%, while the S&P 500 gained 3.53%.
The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company is forecasted to report an EPS of $0.45, showcasing a 28.57% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $6.22 billion, up 8.4% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.73 per share and revenue of $25.37 billion. These totals would mark changes of +12.34% and +10.99%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 4.44% higher. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 27.86. This represents a premium compared to its industry's average Forward P/E of 15.23.
It's also important to note that FCX currently trades at a PEG ratio of 1.99. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Non Ferrous industry had an average PEG ratio of 0.72 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 65, this industry ranks in the top 26% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.