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Freeport-McMoRan (FCX) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $40.19, marking a -0.45% move from the previous day. This change lagged the S&P 500's 0.07% gain on the day. Elsewhere, the Dow gained 0.02%, while the tech-heavy Nasdaq added 0.01%.
Prior to today's trading, shares of the mining company had gained 3.94% over the past month. This has outpaced the Basic Materials sector's gain of 2.91% and the S&P 500's gain of 0.38% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. The company is expected to report EPS of $0.38, up 46.15% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.61 billion, up 12.19% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.62 per share and revenue of $23.13 billion, which would represent changes of -33.61% and +1.52%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.5% 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 24.95. Its industry sports an average Forward P/E of 23.54, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 91, putting it in the top 37% 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) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $40.19, marking a -0.45% move from the previous day. This change lagged the S&P 500's 0.07% gain on the day. Elsewhere, the Dow gained 0.02%, while the tech-heavy Nasdaq added 0.01%.
Prior to today's trading, shares of the mining company had gained 3.94% over the past month. This has outpaced the Basic Materials sector's gain of 2.91% and the S&P 500's gain of 0.38% in that time.
Wall Street will be looking for positivity from Freeport-McMoRan as it approaches its next earnings report date. The company is expected to report EPS of $0.38, up 46.15% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.61 billion, up 12.19% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.62 per share and revenue of $23.13 billion, which would represent changes of -33.61% and +1.52%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.5% 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 24.95. Its industry sports an average Forward P/E of 23.54, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 91, putting it in the top 37% 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.