Freeport-McMoRan (FCX) closed the most recent trading day at $40.94, moving +1.79% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.96%. Elsewhere, the Dow saw an upswing of 0.89%, while the tech-heavy Nasdaq appreciated by 0.94%.
The stock of mining company has risen by 3.08% in the past month, leading the Basic Materials sector's gain of 0.57% and the S&P 500's gain of 0.5%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.46 per share, which would represent no growth from the year-ago period. Simultaneously, our latest consensus estimate expects the revenue to be $6.86 billion, showing a 3.5% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.65 per share and a revenue of $27.03 billion, signifying shifts of +11.49% and +6.2%, respectively, from the last year.
Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate has moved 1.13% lower within the past month. Freeport-McMoRan is currently sporting a Zacks Rank of #3 (Hold).
From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 24.43. This signifies a premium in comparison to the average Forward P/E of 22.78 for its industry.
We can additionally observe that FCX currently boasts a PEG ratio of 0.8. 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 Mining - Non Ferrous industry had an average PEG ratio of 0.85 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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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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