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Here's Why Freeport-McMoRan (FCX) Fell More Than Broader Market
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Freeport-McMoRan (FCX - Free Report) closed at $47.38 in the latest trading session, marking a -1.52% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 1.07%. Meanwhile, the Dow lost 0.51%, and the Nasdaq, a tech-heavy index, lost 1.69%.
The mining company's stock has climbed by 18.67% in the past month, exceeding the Basic Materials sector's gain of 6.46% and the S&P 500's gain of 0.94%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.2, reflecting a 35.48% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.77 billion, indicating a 16.62% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.48 per share and a revenue of $24.99 billion, signifying shifts of 0% and -1.82%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.22% fall in the Zacks Consensus EPS estimate. At present, Freeport-McMoRan boasts a Zacks Rank of #3 (Hold).
Looking at valuation, Freeport-McMoRan is presently trading at a Forward P/E ratio of 32.4. This represents a premium compared to its industry average Forward P/E of 29.65.
Investors should also note that FCX has a PEG ratio of 1.09 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Mining - Non Ferrous industry was having an average PEG ratio of 1.09.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 176, finds itself in the bottom 29% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Here's Why Freeport-McMoRan (FCX) Fell More Than Broader Market
Freeport-McMoRan (FCX - Free Report) closed at $47.38 in the latest trading session, marking a -1.52% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 1.07%. Meanwhile, the Dow lost 0.51%, and the Nasdaq, a tech-heavy index, lost 1.69%.
The mining company's stock has climbed by 18.67% in the past month, exceeding the Basic Materials sector's gain of 6.46% and the S&P 500's gain of 0.94%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.2, reflecting a 35.48% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.77 billion, indicating a 16.62% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.48 per share and a revenue of $24.99 billion, signifying shifts of 0% and -1.82%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.22% fall in the Zacks Consensus EPS estimate. At present, Freeport-McMoRan boasts a Zacks Rank of #3 (Hold).
Looking at valuation, Freeport-McMoRan is presently trading at a Forward P/E ratio of 32.4. This represents a premium compared to its industry average Forward P/E of 29.65.
Investors should also note that FCX has a PEG ratio of 1.09 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Mining - Non Ferrous industry was having an average PEG ratio of 1.09.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 176, finds itself in the bottom 29% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.