Freeport-McMoRan (FCX) Exceeds Market Returns: Some Facts to Consider

Freeport-McMoRan (FCX) closed at $39.67 in the latest trading session, marking a +2.06% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.01%. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq lost 0.28%. Heading into today, shares of the mining company had lost 15.63% over the past month, lagging the Basic Materials sector's gain of 5.58% and the S&P 500's gain of 4.83%.The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.43 per share, which would represent year-over-year growth of 13.16%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.63 billion, down 2.4% from the year-ago period. For the full year, the Zacks Consensus Estimates project earnings of $1.6 per share and a revenue of $26.03 billion, demonstrating changes of +8.11% and +2.27%, respectively, from the preceding 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. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook. Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 8.74% downward. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold). Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 24.32. This indicates a discount in contrast to its industry's Forward P/E of 26.24. Meanwhile, FCX's PEG ratio is currently 0.71. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 0.71. The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 48, positioning it in the top 20% of all 250+ industries. The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions. Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum Stocks Now >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks