Freeport-McMoRan (FCX) Gains As Market Dips: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX) closed at $35.18, marking a +0.8% move from the previous day. This change outpaced the S&P 500's 0.81% loss on the day. Elsewhere, the Dow lost 0.46%, while the tech-heavy Nasdaq lost 1.69%.
Coming into today, shares of the mining company had gained 26.01% in the past month. In that same time, the Basic Materials sector gained 5.2%, while the S&P 500 gained 3.56%.
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 $0.44 per share. This would mark year-over-year growth of 375%. Our most recent consensus estimate is calling for quarterly revenue of $4.63 billion, up 65.61% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.23 per share and revenue of $19.79 billion. These results would represent year-over-year changes of +312.96% and +39.37%, respectively.
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. 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. The Zacks Consensus EPS estimate has moved 4.48% higher within the past month. FCX is currently a Zacks Rank #3 (Hold).
Digging into valuation, FCX currently has a Forward P/E ratio of 15.21. This valuation marks a discount compared to its industry's average Forward P/E of 16.85.
Also, we should mention that FCX has a PEG ratio of 0.69. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Non Ferrous was holding an average PEG ratio of 1.18 at yesterday's closing price.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 110, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
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