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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $43.16, marking a +0.49% move from the previous day. This change outpaced the S&P 500's 0.21% loss on the day. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq lost 0.64%.
Prior to today's trading, shares of the mining company had gained 18.98% over the past month. This has outpaced the Basic Materials sector's gain of 5.98% and the S&P 500's gain of 7.71% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release, which is expected to be April 21, 2023. On that day, Freeport-McMoRan is projected to report earnings of $0.43 per share, which would represent a year-over-year decline of 59.81%. Our most recent consensus estimate is calling for quarterly revenue of $5.33 billion, down 19.35% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.04 per share and revenue of $23.3 billion. These results would represent year-over-year changes of -16.39% and +2.29%, respectively.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.07% higher within the past month. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 21.06. For comparison, its industry has an average Forward P/E of 17.02, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 68, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $43.16, marking a +0.49% move from the previous day. This change outpaced the S&P 500's 0.21% loss on the day. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq lost 0.64%.
Prior to today's trading, shares of the mining company had gained 18.98% over the past month. This has outpaced the Basic Materials sector's gain of 5.98% and the S&P 500's gain of 7.71% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release, which is expected to be April 21, 2023. On that day, Freeport-McMoRan is projected to report earnings of $0.43 per share, which would represent a year-over-year decline of 59.81%. Our most recent consensus estimate is calling for quarterly revenue of $5.33 billion, down 19.35% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.04 per share and revenue of $23.3 billion. These results would represent year-over-year changes of -16.39% and +2.29%, respectively.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.07% higher within the past month. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 21.06. For comparison, its industry has an average Forward P/E of 17.02, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 68, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.