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Southern Copper (SCCO) Soars 10.1%: Is Further Upside Left in the Stock?
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Southern Copper (SCCO - Free Report) shares ended the last trading session 10.1% higher at $96.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.1% gain over the past four weeks.
Shares of Southern Copper have gained on the back of rise in copper prices. Copper futures for May delivery gained 3.26% to close at $4.06 per pound – levels last seen in April 2023 on reports that China is planning to reduce output. China’s top copper smelters have jointly agreed to cut down production at unprofitable plants due to raw material shortages.
This miner is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of -18.1%. Revenues are expected to be $2.5 billion, down 10.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Southern Copper, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SCCO going forward to see if this recent jump can turn into more strength down the road.
Southern Copper is part of the Zacks Mining - Non Ferrous industry. Amerigo Resources (ARREF - Free Report) , another stock in the same industry, closed the last trading session 5.9% higher at $1. ARREF has returned 3.2% in the past month.
Amerigo Resources' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. Compared to the company's year-ago EPS, this represents a change of -80%. Amerigo Resources currently boasts a Zacks Rank of #4 (Sell).
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Southern Copper (SCCO) Soars 10.1%: Is Further Upside Left in the Stock?
Southern Copper (SCCO - Free Report) shares ended the last trading session 10.1% higher at $96.30. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.1% gain over the past four weeks.
Shares of Southern Copper have gained on the back of rise in copper prices. Copper futures for May delivery gained 3.26% to close at $4.06 per pound – levels last seen in April 2023 on reports that China is planning to reduce output. China’s top copper smelters have jointly agreed to cut down production at unprofitable plants due to raw material shortages.
This miner is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of -18.1%. Revenues are expected to be $2.5 billion, down 10.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Southern Copper, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SCCO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Southern Copper is part of the Zacks Mining - Non Ferrous industry. Amerigo Resources (ARREF - Free Report) , another stock in the same industry, closed the last trading session 5.9% higher at $1. ARREF has returned 3.2% in the past month.
Amerigo Resources' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. Compared to the company's year-ago EPS, this represents a change of -80%. Amerigo Resources currently boasts a Zacks Rank of #4 (Sell).