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The most recent trading session ended with Freeport-McMoRan (FCX) standing at $51.51, reflecting a -0.16% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Meanwhile, the Dow experienced a rise of 0.08%, and the technology-dominated Nasdaq saw a decrease of 1.95%.

The the stock of mining company has risen by 4.86% in the past month, leading the Basic Materials sector's loss of 2.77% and undershooting the S&P 500's gain of 5.11%.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is slated to reveal its earnings on July 23, 2024. The company's earnings per share (EPS) are projected to be $0.40, reflecting a 14.29% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.22 billion, indicating an 8.4% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.69 per share and a revenue of $25.31 billion, representing changes of +9.74% and +10.75%, respectively, from the prior year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 1.19% fall in the Zacks Consensus EPS estimate. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.

In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 30.5. This denotes a premium relative to the industry's average Forward P/E of 16.12.

Meanwhile, FCX's PEG ratio is currently 2.15. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 0.79.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 66, finds itself in the top 27% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within 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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