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Freeport-McMoRan (FCX) Dips More Than Broader Markets: What You Should Know
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $39.89, moving -1.72% from the previous trading session. This change lagged the S&P 500's daily loss of 1.05%. Meanwhile, the Dow lost 1.02%, and the Nasdaq, a tech-heavy index, lost 1.64%.
Heading into today, shares of the mining company had lost 10.69% over the past month, lagging the Basic Materials sector's loss of 4.44% and the S&P 500's gain of 0.01% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. On that day, Freeport-McMoRan is projected to report earnings of $0.44 per share, which would represent a year-over-year decline of 58.88%. Our most recent consensus estimate is calling for quarterly revenue of $5.36 billion, down 18.88% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $1.98 per share and revenue of $23.11 billion. These results would represent year-over-year changes of -18.85% and +1.44%, 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 3.39% 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 20.51. This valuation marks a premium compared to its industry's average Forward P/E of 16.04.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 33% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Freeport-McMoRan (FCX) Dips More Than Broader Markets: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $39.89, moving -1.72% from the previous trading session. This change lagged the S&P 500's daily loss of 1.05%. Meanwhile, the Dow lost 1.02%, and the Nasdaq, a tech-heavy index, lost 1.64%.
Heading into today, shares of the mining company had lost 10.69% over the past month, lagging the Basic Materials sector's loss of 4.44% and the S&P 500's gain of 0.01% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. On that day, Freeport-McMoRan is projected to report earnings of $0.44 per share, which would represent a year-over-year decline of 58.88%. Our most recent consensus estimate is calling for quarterly revenue of $5.36 billion, down 18.88% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $1.98 per share and revenue of $23.11 billion. These results would represent year-over-year changes of -18.85% and +1.44%, 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 3.39% 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 20.51. This valuation marks a premium compared to its industry's average Forward P/E of 16.04.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 33% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.