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Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note
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In the latest close session, Freeport-McMoRan (FCX - Free Report) was down 2.38% at $72.58. The stock fell short of the S&P 500, which registered a loss of 0.76% for the day. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 1.13%.
Heading into today, shares of the mining company had lost 6.96% over the past month, lagging the Basic Materials sector's loss of 5.25% and the S&P 500's gain of 1.26%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company's upcoming EPS is projected at $0.73, signifying a 46.00% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $7.07 billion, showing a 1.4% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.82 per share and a revenue of $28.64 billion, signifying shifts of +59.32% and +10.51%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest near-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.28% higher. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 26.35. This valuation marks a premium compared to its industry average Forward P/E of 26.34.
One should further note that FCX currently holds a PEG ratio of 0.73. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 218, positioning it in the bottom 12% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.
View the Zacks #1 Rank List
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Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note
In the latest close session, Freeport-McMoRan (FCX - Free Report) was down 2.38% at $72.58. The stock fell short of the S&P 500, which registered a loss of 0.76% for the day. Elsewhere, the Dow lost 0.68%, while the tech-heavy Nasdaq lost 1.13%.
Heading into today, shares of the mining company had lost 6.96% over the past month, lagging the Basic Materials sector's loss of 5.25% and the S&P 500's gain of 1.26%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company's upcoming EPS is projected at $0.73, signifying a 46.00% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $7.07 billion, showing a 1.4% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.82 per share and a revenue of $28.64 billion, signifying shifts of +59.32% and +10.51%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest near-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.28% higher. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 26.35. This valuation marks a premium compared to its industry average Forward P/E of 26.34.
One should further note that FCX currently holds a PEG ratio of 0.73. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 218, positioning it in the bottom 12% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.