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Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights
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Freeport-McMoRan (FCX - Free Report) closed at $35.37 in the latest trading session, marking a -1.37% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.13% for the day. Meanwhile, the Dow lost 0.03%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Shares of the mining company witnessed a loss of 11.26% over the previous month, trailing the performance of the Basic Materials sector with its loss of 7.33% and the S&P 500's loss of 5.53%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on October 19, 2023. The company is forecasted to report an EPS of $0.34, showcasing a 30.77% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.55 billion, indicating a 10.9% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.61 per share and revenue of $23.08 billion, indicating changes of -34.02% and +1.31%, respectively, compared to the previous year.
Investors should also pay attention to any latest changes in 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.5% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 22.33. Its industry sports an average Forward P/E of 21.17, so 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 industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 35% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights
Freeport-McMoRan (FCX - Free Report) closed at $35.37 in the latest trading session, marking a -1.37% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.13% for the day. Meanwhile, the Dow lost 0.03%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Shares of the mining company witnessed a loss of 11.26% over the previous month, trailing the performance of the Basic Materials sector with its loss of 7.33% and the S&P 500's loss of 5.53%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on October 19, 2023. The company is forecasted to report an EPS of $0.34, showcasing a 30.77% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.55 billion, indicating a 10.9% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.61 per share and revenue of $23.08 billion, indicating changes of -34.02% and +1.31%, respectively, compared to the previous year.
Investors should also pay attention to any latest changes in 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.5% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 22.33. Its industry sports an average Forward P/E of 21.17, so 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 industry currently has a Zacks Industry Rank of 166, which puts it in the bottom 35% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.