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Freeport-McMoRan (FCX) Outperforms Broader Market: What You Need to Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $57.09, marking a +1.08% move from the previous day. This move outpaced the S&P 500's daily gain of 0.54%. Meanwhile, the Dow experienced a rise of 0.66%, and the technology-dominated Nasdaq saw an increase of 0.77%.
Shares of the mining company have depreciated by 16.79% over the course of the past month, underperforming the Basic Materials sector's loss of 14.52%, and the S&P 500's loss of 4.71%.
The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.49, reflecting a 104.17% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.61 billion, down 2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.55 per share and revenue of $27.66 billion, which would represent changes of +44.07% and +6.73%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.69% increase. At present, Freeport-McMoRan boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 22.17 right now. This signifies a discount in comparison to the average Forward P/E of 23.25 for its industry.
One should further note that FCX currently holds a PEG ratio of 0.66. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Mining - Non Ferrous stocks are, on average, holding a PEG ratio of 1.24 based on yesterday's closing prices.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 95, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan (FCX) Outperforms Broader Market: What You Need to Know
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $57.09, marking a +1.08% move from the previous day. This move outpaced the S&P 500's daily gain of 0.54%. Meanwhile, the Dow experienced a rise of 0.66%, and the technology-dominated Nasdaq saw an increase of 0.77%.
Shares of the mining company have depreciated by 16.79% over the course of the past month, underperforming the Basic Materials sector's loss of 14.52%, and the S&P 500's loss of 4.71%.
The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.49, reflecting a 104.17% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.61 billion, down 2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.55 per share and revenue of $27.66 billion, which would represent changes of +44.07% and +6.73%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.69% increase. At present, Freeport-McMoRan boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 22.17 right now. This signifies a discount in comparison to the average Forward P/E of 23.25 for its industry.
One should further note that FCX currently holds a PEG ratio of 0.66. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Mining - Non Ferrous stocks are, on average, holding a PEG ratio of 1.24 based on yesterday's closing prices.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 95, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.