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Freeport-McMoRan Inc.’s (NYSE): Is It Safe To Invest Now?

Freeport-McMoRan Inc. (NYSE:FCX) price on Friday, March 17, rose 0.36% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $36.23.

A look at the stock’s price movement, the close in the last trading session was $36.10, moving within a range at $35.48 and $36.49. The beta value (5-Year monthly) was 2.00 while the PE ratio in trailing twelve months stood at 15.22. Turning to its 52-week performance, $51.54 and $24.69 were the 52-week high and 52-week low respectively. Overall, FCX moved -14.37% over the past month.

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Freeport-McMoRan Inc.’s market cap currently stands at around $53.60 billion, with investors looking forward to this quarter’s earnings report slated for Apr 19, 2023 – Apr 24, 2023. The company has a Forward Dividend ratio of 0.60, with its dividend yield at 1.66%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report. Analysts project the company’s earnings per share (EPS) to be $0.41, which has seen fiscal year 2023 EPS growth forecast to increase to $1.99 and about $2.48 for fiscal year 2024. Per the data, EPS growth is expected to be -18.40% for 2023 and 24.60% for the next financial year.

Analysts have a consensus estimate of $4.99 billion for the company’s revenue for the quarter, with a low and high estimate of $4.33 billion and $5.63 billion respectively. The average forecast suggests down to a -24.40% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $22.89 billion, representing a 0.50% jump on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was 1 upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that FCX is a Hold. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in Hold category.

FCX’s current price about -10.30% and -14.48% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 33.49, while 7-day volatility ratio is 3.99% and 3.36% in the 30-day chart. Further, Freeport-McMoRan Inc. (FCX) has a beta value of 2.02, and an average true range (ATR) of 1.63.

In the market, a comparison of Freeport-McMoRan Inc. (FCX) and its peers suggest the former has performed considerably stronger. Data shows FCX’s intraday price has changed 0.36% in last session and -21.27% over the past year. Comparatively, Newmont Corporation (NEM) has moved 5.22% on the day and only -33.66% in the past 12 months. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on Freeport-McMoRan Inc. (NYSE:FCX), historical trading data shows that trading volumes averaged 16.31 million over the past 10 days and 12.33 million over the past 3 months. The company’s latest data on shares outstanding shows there are 1.43 billion shares.

The 0.60% of Freeport-McMoRan Inc.’s shares are in the hands of company insiders while institutional holders own 79.30% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 29.6 million on Jan 12, 2023, giving us a short ratio of 2.49. The data shows that as of Jan 12, 2023 short interest in Freeport-McMoRan Inc. (FCX) stood at 2.07% of shares outstanding, with shares short rising to 27.75 million registered in Dec 14, 2022. Current price change has pushed the stock -4.50% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the FCX stock continues to rise going into the next quarter.

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