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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) closed at $70.70 in the latest trading session, marking a -1.75% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.17%. On the other hand, the Dow registered a loss of 0.26%, and the technology-centric Nasdaq decreased by 0.09%.
Shares of the mining company have depreciated by 4.99% over the course of the past month, outperforming the Basic Materials sector's loss of 8.27%, and lagging the S&P 500's loss of 0.24%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. It is anticipated that the company will report an EPS of $0.73, marking a 46% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.07 billion, indicating a 1.4% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $2.82 per share and a revenue of $28.64 billion, demonstrating changes of +59.32% and +10.51%, respectively, from the preceding 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. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 moved 0.27% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 25.5 right now. This indicates a discount in contrast to its industry's Forward P/E of 25.69.
It is also worth noting that FCX currently has a PEG ratio of 0.7. 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 currently had an average PEG ratio of 0.95 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 179, positioning it in the bottom 28% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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) closed at $70.70 in the latest trading session, marking a -1.75% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.17%. On the other hand, the Dow registered a loss of 0.26%, and the technology-centric Nasdaq decreased by 0.09%.
Shares of the mining company have depreciated by 4.99% over the course of the past month, outperforming the Basic Materials sector's loss of 8.27%, and lagging the S&P 500's loss of 0.24%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. It is anticipated that the company will report an EPS of $0.73, marking a 46% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.07 billion, indicating a 1.4% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $2.82 per share and a revenue of $28.64 billion, demonstrating changes of +59.32% and +10.51%, respectively, from the preceding 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. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, 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 moved 0.27% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 25.5 right now. This indicates a discount in contrast to its industry's Forward P/E of 25.69.
It is also worth noting that FCX currently has a PEG ratio of 0.7. 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 currently had an average PEG ratio of 0.95 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 179, positioning it in the bottom 28% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.