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Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know

Zacks Equity Research
·2-min read

Freeport-McMoRan (FCX) closed the most recent trading day at $32.11, moving +1.74% from the previous trading session. The stock outpaced the S&P 500's daily gain of 1.21%.

Prior to today's trading, shares of the mining company had lost 10.11% over the past month. This has lagged the Basic Materials sector's loss of 3.02% and the S&P 500's loss of 0.9% in that time.

Investors will be hoping for strength from FCX as it approaches its next earnings release. In that report, analysts expect FCX to post earnings of $0.82 per share. This would mark year-over-year growth of 182.76%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.17 billion, up 60.3% from the year-ago period.

FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.95 per share and revenue of $23.03 billion. These results would represent year-over-year changes of +446.3% and +62.19%, respectively.

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Investors might also notice recent changes to analyst estimates for FCX. 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.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.55% lower. FCX is holding a Zacks Rank of #3 (Hold) right now.

Looking at its valuation, FCX is holding a Forward P/E ratio of 10.7. This represents a discount compared to its industry's average Forward P/E of 13.51.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 108, which puts it in the top 43% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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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