Freeport-McMoRan (FCX – Free Report) ended the recent trading session at $38.98, demonstrating a -1.91% swing from the preceding day’s closing price. The stock trailed the S&P 500, which registered a daily loss of 1.54%. On the other hand, the Dow registered a loss of 1.63%, and the technology-centric Nasdaq decreased by 1.63%.
Shares of the mining company witnessed a loss of 5.56% over the previous month, beating the performance of the Basic Materials sector with its loss of 10.98% and underperforming the S&P 500’s loss of 2.2%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is slated to reveal its earnings on January 23, 2025. The company’s upcoming EPS is projected at $0.31, signifying a 14.81% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $6.06 billion, up 2.65% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts’ positivity towards the company’s business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we’ve established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 7.48% lower. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 20.8. Its industry sports an average Forward P/E of 20.8, so one might conclude that Freeport-McMoRan is trading at no noticeable deviation comparatively.
We can additionally observe that FCX currently boasts a PEG ratio of 2.17. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company’s expected earnings growth rate into account. The Mining – Non Ferrous was holding an average PEG ratio of 1.5 at yesterday’s closing price.
The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 148, finds itself in the bottom 42% echelons of all 250+ industries.
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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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