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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 at $28.17 in the latest trading session, marking a +1.11% move from the prior day. This change outpaced the S&P 500's 2.11% loss on the day. Elsewhere, the Dow lost 1.54%, while the tech-heavy Nasdaq lost 0.3%.
Prior to today's trading, shares of the mining company had lost 5.88% over the past month. This has was narrower than the Basic Materials sector's loss of 10.54% and the S&P 500's loss of 8.19% in that time.
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 $0.49 per share. This would mark a year-over-year decline of 44.94%. Our most recent consensus estimate is calling for quarterly revenue of $5.45 billion, down 10.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.69 per share and revenue of $23.17 billion, which would represent changes of -14.06% and +1.42%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate has moved 3.23% lower. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 10.34 right now. This valuation marks a premium compared to its industry's average Forward P/E of 9.97.
Meanwhile, FCX's PEG ratio is currently 0.35. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous was holding an average PEG ratio of 1.23 at yesterday's closing price.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed at $28.17 in the latest trading session, marking a +1.11% move from the prior day. This change outpaced the S&P 500's 2.11% loss on the day. Elsewhere, the Dow lost 1.54%, while the tech-heavy Nasdaq lost 0.3%.
Prior to today's trading, shares of the mining company had lost 5.88% over the past month. This has was narrower than the Basic Materials sector's loss of 10.54% and the S&P 500's loss of 8.19% in that time.
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 $0.49 per share. This would mark a year-over-year decline of 44.94%. Our most recent consensus estimate is calling for quarterly revenue of $5.45 billion, down 10.41% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.69 per share and revenue of $23.17 billion, which would represent changes of -14.06% and +1.42%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate has moved 3.23% lower. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 10.34 right now. This valuation marks a premium compared to its industry's average Forward P/E of 9.97.
Meanwhile, FCX's PEG ratio is currently 0.35. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous was holding an average PEG ratio of 1.23 at yesterday's closing price.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 202, which puts it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.