Freeport-McMoRan (FCX) closed the most recent trading day at $51.93, moving +2.24% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.19%. Elsewhere, the Dow saw an upswing of 0.66%, while the tech-heavy Nasdaq depreciated by 0.03%.
Prior to today's trading, shares of the mining company had gained 13.85% outpaced the Basic Materials sector's gain of 3.51% and the S&P 500's gain of 0.54%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. In that report, analysts expect Freeport-McMoRan to post earnings of $0.22 per share. This would mark a year-over-year decline of 29.03%. In the meantime, our current consensus estimate forecasts the revenue to be $4.86 billion, indicating a 14.95% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.48 per share and revenue of $25.06 billion, indicating changes of 0% and 0%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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. Within the past 30 days, our consensus EPS projection has moved 7.18% higher. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 25.52. For comparison, its industry has an average Forward P/E of 24.36, which means Freeport-McMoRan is trading at a premium to the group.
Also, we should mention that FCX has a PEG ratio of 0.86. 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 had an average PEG ratio of 0.86 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 81, placing it within the top 34% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Freeport-McMoRan Inc. (FCX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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