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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $62.80, moving +1.55% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.14%, and the technology-dominated Nasdaq saw a decrease of 0.46%.
Prior to today's trading, shares of the mining company had lost 2.81% was narrower than the Basic Materials sector's loss of 3.7% and lagged the S&P 500's loss of 1.4%.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.6, indicating a 11.11% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.37 billion, indicating a 15.99% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.56 per share and revenue of $27.5 billion, indicating changes of +44.63% and +6.12%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.21% fall in the Zacks Consensus EPS estimate. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 24.16. This expresses a premium compared to the average Forward P/E of 23.37 of its industry.
We can also see that FCX currently has a PEG ratio of 0.75. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.31.
The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
View the Zacks #1 Rank List
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Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $62.80, moving +1.55% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.14%, and the technology-dominated Nasdaq saw a decrease of 0.46%.
Prior to today's trading, shares of the mining company had lost 2.81% was narrower than the Basic Materials sector's loss of 3.7% and lagged the S&P 500's loss of 1.4%.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.6, indicating a 11.11% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.37 billion, indicating a 15.99% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.56 per share and revenue of $27.5 billion, indicating changes of +44.63% and +6.12%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.21% fall in the Zacks Consensus EPS estimate. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 24.16. This expresses a premium compared to the average Forward P/E of 23.37 of its industry.
We can also see that FCX currently has a PEG ratio of 0.75. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.31.
The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.