In the latest close session, Freeport-McMoRan (FCX) was down 3.98% at $65.57. This change lagged the S&P 500's daily loss of 0.94%. At the same time, the Dow lost 0.83%, and the tech-heavy Nasdaq lost 1.02%.
The stock of mining company has risen by 12.39% in the past month, lagging the Basic Materials sector's gain of 12.9% and overreaching the S&P 500's loss of 1.3%.
Analysts and investors alike will be keeping a close eye on the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.52, signifying a 116.67% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $5.71 billion, showing a 0.23% drop compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.55 per share and a revenue of $27.65 billion, indicating changes of +44.07% and +6.7%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 8.8% increase. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 26.76. This signifies a discount in comparison to the average Forward P/E of 29.74 for its industry.
It is also worth noting that FCX currently has a PEG ratio of 0.79. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Mining - Non Ferrous industry stood at 2.26 at the close of the market yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 90, which puts it in the top 37% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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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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