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Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights
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Freeport-McMoRan (FCX - Free Report) ended the recent trading session at $60.53, demonstrating a -3.75% change from the preceding day's closing price. This change lagged the S&P 500's 0.22% loss on the day. Meanwhile, the Dow experienced a drop of 0.03%, and the technology-dominated Nasdaq saw a decrease of 0.66%.
The stock of mining company has fallen by 12.31% in the past month, lagging the Basic Materials sector's loss of 7.15% and the S&P 500's loss of 1.21%.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. 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.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.56 per share and revenue of $27.5 billion, which would represent changes of +44.63% and +6.12%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Within the past 30 days, our consensus EPS projection has moved 0.21% lower. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Freeport-McMoRan is currently being traded at a Forward P/E ratio of 24.57. This valuation marks a premium compared to its industry average Forward P/E of 23.73.
Meanwhile, FCX's PEG ratio is currently 0.76. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Non Ferrous industry currently had an average PEG ratio of 1.34 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 106, finds itself in the top 44% echelons 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
View the Zacks #1 Rank List
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Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights
Freeport-McMoRan (FCX - Free Report) ended the recent trading session at $60.53, demonstrating a -3.75% change from the preceding day's closing price. This change lagged the S&P 500's 0.22% loss on the day. Meanwhile, the Dow experienced a drop of 0.03%, and the technology-dominated Nasdaq saw a decrease of 0.66%.
The stock of mining company has fallen by 12.31% in the past month, lagging the Basic Materials sector's loss of 7.15% and the S&P 500's loss of 1.21%.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. 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.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.56 per share and revenue of $27.5 billion, which would represent changes of +44.63% and +6.12%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Within the past 30 days, our consensus EPS projection has moved 0.21% lower. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Freeport-McMoRan is currently being traded at a Forward P/E ratio of 24.57. This valuation marks a premium compared to its industry average Forward P/E of 23.73.
Meanwhile, FCX's PEG ratio is currently 0.76. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Non Ferrous industry currently had an average PEG ratio of 1.34 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 106, finds itself in the top 44% echelons 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.