Here's Why Freeport-McMoRan (FCX) Gained But Lagged the Market Today

Stock Performance - Freeport-McMoRan (FCX) closed at $49.47, up 0.59% from the previous session, underperforming the S&P 500 (+1.11%), Dow (+0.8%), and Nasdaq (+1.24%) [1] - Over the past month, FCX shares gained 23.54%, outperforming the Basic Materials sector (+5.96%) and the S&P 500 (+0.48%) [1] Earnings and Revenue Projections - FCX's upcoming earnings report is expected on April 23, 2024, with projected EPS of$ 0.31, a 40.38% decrease YoY, and revenue of $5.64 billion, a 4.67% increase YoY [1] - For the full year, Zacks Consensus Estimates project EPS of$ 1.51 (a 1.95% decrease YoY) and revenue of $23.72 billion (a 3.76% increase YoY) [2] Analyst Estimates and Zacks Rank - Recent changes to analyst estimates for FCX reflect optimism about the company's business and profitability [2] - The Zacks Rank system, with FCX currently holding a 3 (Hold) rank, has a strong track record, with 1 stocks averaging +25% annual returns since 1988 [3] - The Zacks Consensus EPS estimate for FCX has moved 0.86% lower in the past month [3] Valuation and Industry Ranking - FCX is trading at a Forward P/E ratio of 32.56, a premium compared to its industry's Forward P/E of 16.81 [3] - The Mining - Non Ferrous industry, part of the Basic Materials sector, has a Zacks Industry Rank of 92, placing it in the top 37% of all industries [3] - Research shows that top 50% rated industries outperform the bottom half by a factor of 2 to 1 [3]