Freeport-McMoRan (FCX - Free Report) closed at $41.73 in the latest trading session, marking a +0.26% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.26%. Elsewhere, the Dow lost 0.16%, while the tech-heavy Nasdaq lost 0.04%.
Heading into today, shares of the mining company had gained 12.18% over the past month, outpacing the Basic Materials sector's gain of 6.01% and the S&P 500's gain of 4.82% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. The company is expected to report EPS of $0.88, up 131.58% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.71 billion, up 49.2% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $3.09 per share and revenue of $23.46 billion. These results would represent year-over-year changes of +472.22% and +65.2%, respectively.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 3.42% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 13.48. This represents a premium compared to its industry's average Forward P/E of 10.39.
It is also worth noting that FCX currently has a PEG ratio of 0.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. FCX's industry had an average PEG ratio of 0.46 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan (FCX - Free Report) closed at $41.73 in the latest trading session, marking a +0.26% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.26%. Elsewhere, the Dow lost 0.16%, while the tech-heavy Nasdaq lost 0.04%.
Heading into today, shares of the mining company had gained 12.18% over the past month, outpacing the Basic Materials sector's gain of 6.01% and the S&P 500's gain of 4.82% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. The company is expected to report EPS of $0.88, up 131.58% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.71 billion, up 49.2% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $3.09 per share and revenue of $23.46 billion. These results would represent year-over-year changes of +472.22% and +65.2%, respectively.
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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 3.42% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 13.48. This represents a premium compared to its industry's average Forward P/E of 10.39.
It is also worth noting that FCX currently has a PEG ratio of 0.46. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. FCX's industry had an average PEG ratio of 0.46 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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