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Why Freeport-McMoRan (FCX) Outpaced the Stock Market Today
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In the latest close session, Freeport-McMoRan (FCX - Free Report) was up +2.57% at $49.15. The stock outperformed the S&P 500, which registered a daily gain of 0.88%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 1.31%.
Heading into today, shares of the mining company had gained 20.92% over the past month, outpacing the Basic Materials sector's gain of 8.3% and the S&P 500's gain of 2.48%.
Analysts and investors alike will be keeping a close eye on the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.21, reflecting a 32.26% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.86 billion, indicating a 14.95% downward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.49 per share and revenue of $25.06 billion. These totals would mark changes of +0.68% and -1.55%, respectively, from last year.
It's also important for investors to be aware of any recent modifications 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
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. Within the past 30 days, our consensus EPS projection has moved 0.92% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 32.25. This valuation marks a premium compared to its industry average Forward P/E of 30.35.
One should further note that FCX currently holds a PEG ratio of 1.08. 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. FCX's industry had an average PEG ratio of 1.08 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 103, putting it in the top 42% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Why Freeport-McMoRan (FCX) Outpaced the Stock Market Today
In the latest close session, Freeport-McMoRan (FCX - Free Report) was up +2.57% at $49.15. The stock outperformed the S&P 500, which registered a daily gain of 0.88%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 1.31%.
Heading into today, shares of the mining company had gained 20.92% over the past month, outpacing the Basic Materials sector's gain of 8.3% and the S&P 500's gain of 2.48%.
Analysts and investors alike will be keeping a close eye on the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.21, reflecting a 32.26% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.86 billion, indicating a 14.95% downward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.49 per share and revenue of $25.06 billion. These totals would mark changes of +0.68% and -1.55%, respectively, from last year.
It's also important for investors to be aware of any recent modifications 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
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. Within the past 30 days, our consensus EPS projection has moved 0.92% lower. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 32.25. This valuation marks a premium compared to its industry average Forward P/E of 30.35.
One should further note that FCX currently holds a PEG ratio of 1.08. 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. FCX's industry had an average PEG ratio of 1.08 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 103, putting it in the top 42% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.