Freeport-McMoRan (FCX) Dips More Than Broader Markets: What You Should Know
Freeport-McMoRan (FCX) closed at $37.06 in the latest trading session, marking a -1.44% move from the prior day. This change lagged the S&P 500's daily loss of 0.54%.
Prior to today's trading, shares of the mining company had lost 13.82% over the past month. This has lagged the Basic Materials sector's loss of 2.3% and the S&P 500's gain of 1.91% in that time.
Wall Street will be looking for positivity from FCX as it approaches its next earnings report date. In that report, analysts expect FCX to post earnings of $0.75 per share. This would mark year-over-year growth of 2400%. Our most recent consensus estimate is calling for quarterly revenue of $5.91 billion, up 93.66% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.13 per share and revenue of $23.26 billion. These totals would mark changes of +479.63% and +63.86%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for FCX. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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 8.57% higher. FCX is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, FCX is holding a Forward P/E ratio of 12.01. This represents a discount compared to its industry's average Forward P/E of 17.44.
Meanwhile, FCX's PEG ratio is currently 0.42. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.6 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 36% 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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