Freeport-McMoRan (FCX) Rises As Market Takes a Dip: Key Facts

In the latest trading session, Freeport-McMoRan (FCX) closed at $50.38, marking a +1.65% move from the previous day. This move outpaced the S&P 500's daily loss of 0.31%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq lost 1.09%.

Shares of the mining company witnessed a loss of 3.82% over the previous month, beating the performance of the Basic Materials sector with its loss of 6.38% and underperforming the S&P 500's gain of 2.73%.

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 $0.46, signifying a 31.43% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.17 billion, up 7.52% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.72 per share and revenue of $25.36 billion, indicating changes of +11.69% and +10.96%, respectively, compared to the previous year.

It is also important to note the 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 company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.55% increase. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).

Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 28.83. This expresses a premium compared to the average Forward P/E of 15.68 of its industry.

It's also important to note that FCX currently trades at a PEG ratio of 2.15. 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. Mining – Non Ferrous stocks are, on average, holding a PEG ratio of 0.78 based on yesterday's closing prices.

The Mining – Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 51, placing it within the top 21% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

Comments are closed.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.

MOST ACTIVE MINING STOCKS

 Daily Gainers

 Romios Gold Resources Inc. RG.V +50.00%
 Rokmaster Resources Corp. RKR.V +50.00%
 Augur Resources Limited AUK.AX +33.33%
 Stroud Resources Ltd. SDR.V +31.25%
 Casa Minerals Inc. CASA.V +30.00%
 RJK Explorations Ltd. RJX-A.V +28.57%
 Middle Island Resources Ltd. MDI.AX +23.53%
 Tearlach Resources Ltd. TEA.V +20.00%
 CMC Metals Ltd. CMB.V +20.00%
 Rimfire Pacific Mining NL RIM.AX +17.24%