Freeport-McMoRan (FCX) Surpasses Market Returns: Some Facts Worth Knowing

The most recent trading session ended with Freeport-McMoRan (FCX) standing at $38.88, reflecting a +1.66% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 1.09%. Meanwhile, the Dow gained 1.18%, and the Nasdaq, a tech-heavy index, added 1.03%.Shares of the mining company have depreciated by 12.61% over the course of the past month, underperforming the Basic Materials sector's loss of 8.81% and the S&P 500's loss of 0.71%.The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. The company is expected to report EPS of $0.38, up 40.74% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $6.02 billion, up 1.91% from the year-ago period.Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.49 per share and revenue of $25.86 billion. These totals would mark changes of -3.25% and +13.13%, respectively, from last year.Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, there's been a 1.22% fall in the Zacks Consensus EPS estimate. Currently, Freeport-McMoRan is carrying a Zacks Rank of #3 (Hold).Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 25.69. This denotes a premium relative to the industry's average Forward P/E of 19.3.It's also important to note that FCX currently trades at a PEG ratio of 2.68. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Mining - Non Ferrous industry stood at 0.92 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 135, which puts it in the bottom 47% of all 250+ industries.The Zacks Industry Rank is ordered 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.Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks