Is Trending Stock Freeport-McMoRan Inc. (FCX) a Buy Now? (2024)

Freeport-McMoRan (FCX - Free Report) is one of the stocks most watched by visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this mining company have returned +5.7%, compared to the Zacks S&P 500 composite's +3.2% change. During this period, the Zacks Mining - Non Ferrous industry, which Freeport-McMoRan falls in, has gained 0.5%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings Estimates

Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Freeport-McMoRan is expected to post earnings of $0.45 per share, indicating a change of +28.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.4% over the last 30 days.

The consensus earnings estimate of $1.66 for the current fiscal year indicates a year-over-year change of +7.8%. This estimate has changed -0.2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.29 indicates a change of +37.7% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed -0.5%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Is Trending Stock Freeport-McMoRan Inc. (FCX) a Buy Now? (1)

Projected Revenue Growth

While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Freeport-McMoRan, the consensus sales estimate for the current quarter of $6.01 billion indicates a year-over-year change of +4.8%. For the current and next fiscal years, $24.99 billion and $25.29 billion estimates indicate +9.4% and +1.2% changes, respectively.

Last Reported Results and Surprise History

Freeport-McMoRan reported revenues of $6.32 billion in the last reported quarter, representing a year-over-year change of +17.3%. EPS of $0.32 for the same period compares with $0.52 a year ago.

Compared to the Zacks Consensus Estimate of $5.66 billion, the reported revenues represent a surprise of +11.74%. The EPS surprise was +18.52%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.


No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Freeport-McMoRan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.


The facts discussed here and much other information on might help determine whether or not it's worthwhile paying attention to the market buzz about Freeport-McMoRan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Is Trending Stock Freeport-McMoRan Inc. (FCX) a Buy Now? (2024)


What is the FCX stock price forecast for 5 years? ›

Freeport-McMoRan stock price stood at $52.77

According to the latest long-term forecast, Freeport-McMoRan price will hit $65 by the end of 2024 and then $70 by the middle of 2025. Freeport-McMoRan will rise to $85 within the year of 2026, $95 in 2027, $100 in 2028, $110 in 2029, $125 in 2030 and $150 in 2033.

What is the expected earnings for FCX? ›

What is FCX EPS forecast? FCX EPS forecast for the fiscal quarter 2024 (Q2) is $0.39.

What is the intrinsic value of FCX? ›

As of 2024-05-20, the Intrinsic Value of Freeport-McMoRan Inc (FCX) is 50.90 USD. This FCX valuation is based on the model Discounted Cash Flows (Growth Exit 5Y). With the current market price of 54.23 USD, the upside of Freeport-McMoRan Inc is -6.1%. The range of the Intrinsic Value is 36.4 - 86.14 USD.

How much debt does FCX have? ›

Total debt on the balance sheet as of March 2024 : $9.42 B

According to Freeport-McMoRan's latest financial reports the company's total debt is $9.42 B. A company's total debt is the sum of all current and non-current debts.

Is FCX a good buy now? ›

Freeport-McMoRan has a consensus rating of Moderate Buy which is based on 8 buy ratings, 6 hold ratings and 0 sell ratings. What is Freeport-McMoRan's price target? The average price target for Freeport-McMoRan is $53.86.

Is FCX overvalued? ›

The intrinsic value of one FCX stock under the Base Case scenario is 39.1 USD. Compared to the current market price of 52.77 USD, Freeport-McMoRan Inc is Overvalued by 26%.

Does Freeport-McMoRan pay well? ›

The average Freeport-McMoRan salary ranges from approximately $40,293 per year (estimate) for a Warehouse to $288,781 per year (estimate) for a Vice President. The average Freeport-McMoRan hourly pay ranges from approximately $14 per hour (estimate) for a Hostess to $107 per hour (estimate) for an Exploration.

What is Freeport earnings in 2024? ›

Net Income: Reported at $473 million for Q1 2024, with earnings per share of $0.32, surpassing the estimated earnings per share of $0.27 and net income estimate of $341.23 million. Revenue: Reached $6,321 million in Q1 2024, exceeding the estimated revenue of $5,659.69 million.

What is the annual bonus for Freeport-McMoRan? ›

Freeport-McMoRan Performance Bonus

Plus there is commonly a yearly bonus of $6000 for hourly and $10,000 for salary in February.

What is the net worth of FCX? ›

Freeport-McMoRan has a market cap or net worth of $73.98 billion as of May 23, 2024. Its market cap has increased by 46.43% in one year.

What is the moving average of FCX stock? ›

Freeport-Mcmoran Inc (FCX)
PeriodMoving AveragePrice Change
2 more rows

Who bought FCX? ›

In 2018, FCX Performance was acquired by Applied Industrial Technologies. Combining with Applied's unmatched industrial offering positions us as a leading technical solutions provider with significant opportunities for growth.

Is Freeport-McMoRan a Fortune 500 company? ›

Freeport-McMoRan Copper & Gold - Fortune 500 - FCX.

Does FCX mine gold? ›

Through its subsidiary, PT-FI, FCX mines one of the world's largest copper and gold deposits in the Grasberg minerals district in Papua, Indonesia. In addition to copper and gold, PT-FI produces silver.

What is the price prediction for FCX in 2030? ›

Freeport-McMoRan Stock Prediction 2030

In 2030, the Freeport-McMoRan stock will reach $ 131.29 if it maintains its current 10-year average growth rate. If this Freeport-McMoRan stock prediction for 2030 materializes, FCX stock will grow 150.94% from its current price.

What is the CRWD stock price forecast for 2030? ›

CrowdStrike Holdings stock forecast for 2025: $ 571.35 (62.37%) CrowdStrike Holdings stock prediction for 2030: $ 6,448.55 (1,732.61%)

What is the stock price prediction for Cenntro in 2030? ›

What is the Cenntro Electric Group Limited stock prediction for 2030? According to our Cenntro Electric Group Limited stock prediction for 2030, CENN stock will be priced at $ 645.83B in 2030. This forecast is based on the stock's average growth over the past 10 years.

What is the target price for Big C stock? ›

The average price target for BigCommerce Holdings is $9.45. This is based on 13 Wall Streets Analysts 12-month price targets, issued in the past 3 months. The highest analyst price target is $14.00 ,the lowest forecast is $8.00. The average price target represents 19.47% Increase from the current price of $7.91.

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