Freeport-McMoRan (NYSE:FCX) closed at $30.49 in the latest trading session, marking a +1.5% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.3%. Meanwhile, the Dow lost 0.57%, and the Nasdaq, a tech-heavy index, added 0.09%.
Heading into today, shares of the mining company had gained 21.18% over the past month, outpacing the Basic Materials sector's gain of 10.66% and the S&P 500's gain of 4.43% in that time.
FCX will be looking to display strength as it nears its next earnings release, which is expected to be January 26, 2021. The company is expected to report EPS of $0.39, up 1850% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $4.28 billion, up 9.4% from the year-ago period.
Investors should also note any recent changes to analyst estimates for FCX. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 16.78% higher. FCX is holding a Zacks Rank of #2 (Buy) right now.
Looking at its valuation, FCX is holding a Forward P/E ratio of 13.55. This valuation marks a discount compared to its industry's average Forward P/E of 14.29.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 131, putting it in the bottom 49% 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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FreeportMcMoRan Inc. (FCX): Free Stock Analysis Report
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