Freeport-McMoRan (FCX) ended the recent trading session at $45.90, demonstrating a -0.04% swing from the preceding day's closing price. This move was narrower than the S&P 500's daily loss of 0.71%. Meanwhile, the Dow lost 0.93%, and the Nasdaq, a tech-heavy index, lost 0.81%.

Heading into today, shares of the mining company had lost 6.97% over the past month, lagging the Basic Materials sector's loss of 0.77% and the S&P 500's gain of 1.08% in that time.

The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on July 23, 2024. On that day, Freeport-McMoRan is projected to report earnings of $0.38 per share, which would represent year-over-year growth of 8.57%. Our most recent consensus estimate is calling for quarterly revenue of $6 billion, up 4.53% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.66 per share and revenue of $25.36 billion, which would represent changes of +7.79% and +10.97%, respectively, from the prior year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.92% lower. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 27.65 right now. Its industry sports an average Forward P/E of 20.54, so one might conclude that Freeport-McMoRan is trading at a premium comparatively.

Investors should also note that FCX has a PEG ratio of 1.07 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Mining – Non Ferrous industry stood at 0.71 at the close of the market yesterday.

The Mining – Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 24, this industry ranks in the top 10% of all industries, numbering over 250.

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.

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