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Why Freeport-McMoRan (FCX) Could Be Positioned for a Surge

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Freeport-McMoRan Inc. (FCX - Free Report) is a natural resource company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on FCX’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Freeport-McMoRan could be a solid choice for investors.

Current Quarter Estimates for FCX

In the past 30 days, 2 estimates has gone higher for Freeport-McMoRan while 1 has gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of 18 cents 30 days ago, to a loss of 17 cents today, a move of 5.6%.

Current Year Estimates for FCX

Meanwhile, Freeport-McMoRan current year figures are also looking quite promising, with 4 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 10 cents per share 30 days ago, to 19 cents today, a move of 90%.

Bottom Line

The stock has also started to move higher lately, adding 12.5% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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