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Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $37.80, moving +1.18% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.1%. At the same time, the Dow added 0.28%, and the tech-heavy Nasdaq lost 0.09%.
Coming into today, shares of the mining company had gained 3.4% in the past month. In that same time, the Basic Materials sector lost 0.73%, while the S&P 500 lost 3.6%.
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 $0.36 per share. This would mark a year-over-year decline of 62.5%. Our most recent consensus estimate is calling for quarterly revenue of $5.39 billion, down 12.59% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.28 per share and revenue of $22.46 billion. These totals would mark changes of -27.16% and -1.68%, 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 0.88% lower within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 16.4. This represents a premium compared to its industry's average Forward P/E of 15.97.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 37% of all 250+ industries.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $37.80, moving +1.18% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.1%. At the same time, the Dow added 0.28%, and the tech-heavy Nasdaq lost 0.09%.
Coming into today, shares of the mining company had gained 3.4% in the past month. In that same time, the Basic Materials sector lost 0.73%, while the S&P 500 lost 3.6%.
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 $0.36 per share. This would mark a year-over-year decline of 62.5%. Our most recent consensus estimate is calling for quarterly revenue of $5.39 billion, down 12.59% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.28 per share and revenue of $22.46 billion. These totals would mark changes of -27.16% and -1.68%, 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 0.88% lower within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 16.4. This represents a premium compared to its industry's average Forward P/E of 15.97.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 37% of all 250+ industries.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.