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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 the most recent trading day at $38.64, moving +1.93% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.29%. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Prior to today's trading, shares of the mining company had gained 0.18% over the past month. This has outpaced the Basic Materials sector's loss of 0.49% and lagged the S&P 500's gain of 3.1% 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 $0.36, down 37.93% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.88 billion, up 8.55% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.82 per share and revenue of $23.79 billion. These totals would mark changes of -25.41% and +4.42%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 8.83% lower within the past month. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 20.85. This valuation marks a premium compared to its industry's average Forward P/E of 16.64.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 164, which puts it in the bottom 35% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $38.64, moving +1.93% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.29%. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Prior to today's trading, shares of the mining company had gained 0.18% over the past month. This has outpaced the Basic Materials sector's loss of 0.49% and lagged the S&P 500's gain of 3.1% 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 $0.36, down 37.93% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.88 billion, up 8.55% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.82 per share and revenue of $23.79 billion. These totals would mark changes of -25.41% and +4.42%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 8.83% lower within the past month. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 20.85. This valuation marks a premium compared to its industry's average Forward P/E of 16.64.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 164, which puts it in the bottom 35% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.