Yahoo Finance Freeport-McMoRan (FCX) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX) closed at $40.13, marking a -0.4% move from the previous day. This change lagged the S&P 500's 0.1% gain on the day. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq lost 2.19%.
Heading into today, shares of the mining company had gained 6.36% over the past month, outpacing the Basic Materials sector's gain of 0.68% and the S&P 500's gain of 3.13% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release, which is expected to be April 21, 2023. The company is expected to report EPS of $0.43, down 59.81% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $5.33 billion, down 19.3% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.04 per share and revenue of $23.3 billion, which would represent changes of -16.39% and +2.29%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.07% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Freeport-McMoRan is holding a Forward P/E ratio of 19.76. This valuation marks a premium compared to its industry's average Forward P/E of 16.04.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% 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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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
