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Freeport-McMoRan (FCX) Exceeds Market Returns: Some Facts to Consider
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Freeport-McMoRan (FCX - Free Report) closed at $39.67 in the latest trading session, marking a +2.06% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.01%. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq lost 0.28%.
Heading into today, shares of the mining company had lost 15.63% over the past month, lagging the Basic Materials sector's gain of 5.58% and the S&P 500's gain of 4.83%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.43 per share, which would represent year-over-year growth of 13.16%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.63 billion, down 2.4% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.6 per share and a revenue of $26.03 billion, demonstrating changes of +8.11% and +2.27%, respectively, from the preceding 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 business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 8.74% downward. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 24.32. This indicates a discount in contrast to its industry's Forward P/E of 26.24.
Meanwhile, FCX's PEG ratio is currently 0.71. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 0.71.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 48, positioning it in the top 20% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Freeport-McMoRan (FCX) Exceeds Market Returns: Some Facts to Consider
Freeport-McMoRan (FCX - Free Report) closed at $39.67 in the latest trading session, marking a +2.06% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.01%. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq lost 0.28%.
Heading into today, shares of the mining company had lost 15.63% over the past month, lagging the Basic Materials sector's gain of 5.58% and the S&P 500's gain of 4.83%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.43 per share, which would represent year-over-year growth of 13.16%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.63 billion, down 2.4% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $1.6 per share and a revenue of $26.03 billion, demonstrating changes of +8.11% and +2.27%, respectively, from the preceding 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 business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 8.74% downward. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 24.32. This indicates a discount in contrast to its industry's Forward P/E of 26.24.
Meanwhile, FCX's PEG ratio is currently 0.71. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 0.71.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 48, positioning it in the top 20% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.