Yahoo Finance Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
Freeport-McMoRan (FCX) closed at $38.37 in the latest trading session, marking a +1.03% move from the prior day. This move outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq lost 3.64%.
Heading into today, shares of the mining company had lost 5.31% over the past month, lagging the Basic Materials sector's loss of 2.06% and the S&P 500's gain of 0.07% in that time.
Freeport-McMoRan will be looking to display strength as it nears its next earnings release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.44 per share. This would mark a year-over-year decline of 58.88%. Meanwhile, our latest consensus estimate is calling for revenue of $5.36 billion, down 18.88% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.98 per share and revenue of $23.11 billion, which would represent changes of -18.85% and +1.44%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection remained stagnant. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 19.19. Its industry sports an average Forward P/E of 15.74, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
