The case for this industrial metal is only getting more robust with the growth in AI applications.Growth in artificial intelligence (AI) applications means more demand for data center power capacity to fuel it, which means more demand for copper. That's the latest argument from copper bulls. While it's easy to be cynical and conclude it's merely the newest fad latching onto the market's love for anything AI-related, the reality is the case for copper is compelling, and it's one that investors in Freeport-Mc ...

Wall Street analysts forecast that Freeport-McMoRan (FCX) will report quarterly earnings of $0.30 per share in its upcoming release, pointing to a year-over-year decline of 42.3%. It is anticipated that revenues will amount to $5.61 billion, exhibiting an increase of 4.2% compared to the year-ago quarter.The current level reflects an upward revision of 9.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised ...

Freeport-McMoRan Inc. (FCX) is set to release first-quarter 2024 results before the opening bell on Apr 23.The mining giant’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 21.5%, on average. Freeport is expected to have gained from its efforts to increase mining rates, the strength in copper prices and lower costs in the first quarter.The stock has gained 18.9% in the past year compared with the industry’s 25.1% rise ...

The most recent trading session ended with Freeport-McMoRan (FCX) standing at $50.74, reflecting a -0.35% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.74%. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq increased by 1.68%.The the stock of mining company has risen by 17.3% in the past month, leading the Basic Materials sector's gain of 3.54% and the S&P 500's gain of 0.8%.The investment community wi ...

Copper is making a big move … what history suggests about its performance after rate cuts begin … why it’s a strong trade even if the Fed doesn’t cut rates … how to play itGold set yet another all-time high earlier today – its seventh consecutive record peak.Ignore it.There’s another shiny metal that’s also soaring today. And if the Federal Reserve follows through with rate cuts in 2024, history shows its returns could outshine those of gold.But let’s say the Fed doesn’t cut rates even once. After all, this ...

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]

Freeport-McMoRan's exposure to copper is taking the stock sharply higher.Shares in copper miner Freeport-McMoran (FCX 1.19%) surged higher by 24.4% in March, according to data provided by S&P Global Market Intelligence. You don't have to look too far for the reasons behind the move; the price of copper started the month at $3.84 per pound and ended at $4.04 per pound. Moreover, at the time of writing, it's even higher at $4.23. What the move in copper means to Freeport-McMoRan investorsOn every quarterly ea ...

Amidst intermediate corrections or rallies, asset classes tend to have an extended period of bull or bear market. A secular bull market for an asset class is a perfect time to remain invested. On the other hand, price and time correction can extend beyond a decade in bear markets. This column discusses stocks for exposure to an undervalued asset class likely to witness a comeback rally.Without extending the suspense, industrial commodities are the most undervalued asset class. To put things into perspective ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Freeport-McMoRan (FCX) , which belongs to the Zacks Mining - Non Ferrous industry.This mining company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 25.22%.For the last reported quarter, Freeport-McMoRan came out with earnings of $0.27 per share vers ...

Elena Bionysheva-Abramova/iStock via Getty ImagesWe previously compared Freeport-McMoRan (NYSE:FCX) in December 2023, discussing why we finally rerated the stock as a Buy, attributed to the higher copper spot prices, expanded production volumes, and lower operating costs by 2024, likely to boost the miner's near-term top and bottom lines. Most importantly, we believed that its dividend payouts might be raised in 2024, thanks to the healthier balance sheet and richer free cash flow generation, offering o ...