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Freeport-McMoRan (FCX) Beats Stock Market Upswing: What Investors Need to Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $70.13, marking a +2.51% move from the previous day. This change outpaced the S&P 500's 1.65% gain on the day. Meanwhile, the Dow experienced a rise of 0.92%, and the technology-dominated Nasdaq saw an increase of 3.07%.
Heading into today, shares of the mining company had gained 8.57% over the past month, outpacing the Basic Materials sector's loss of 4.3% and the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.6, showcasing a 11.11% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.37 billion, down 15.99% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.56 per share and revenue of $27.5 billion. These results would represent year-over-year changes of +44.63% and +6.12%, respectively.
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. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 26.67. This valuation marks a premium compared to its industry average Forward P/E of 26.42.
It is also worth noting that FCX currently has a PEG ratio of 0.82. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Non Ferrous industry had an average PEG ratio of 1.55 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 186, positioning it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
View the Zacks #1 Rank List
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Freeport-McMoRan (FCX) Beats Stock Market Upswing: What Investors Need to Know
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $70.13, marking a +2.51% move from the previous day. This change outpaced the S&P 500's 1.65% gain on the day. Meanwhile, the Dow experienced a rise of 0.92%, and the technology-dominated Nasdaq saw an increase of 3.07%.
Heading into today, shares of the mining company had gained 8.57% over the past month, outpacing the Basic Materials sector's loss of 4.3% and the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.6, showcasing a 11.11% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.37 billion, down 15.99% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.56 per share and revenue of $27.5 billion. These results would represent year-over-year changes of +44.63% and +6.12%, respectively.
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. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 26.67. This valuation marks a premium compared to its industry average Forward P/E of 26.42.
It is also worth noting that FCX currently has a PEG ratio of 0.82. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Non Ferrous industry had an average PEG ratio of 1.55 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 186, positioning it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.