Here’s Why Freeport-McMoRan (FCX) is a Strong Momentum Stock
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates.
The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia's principal asset is Papua, Indonesia-based Grasberg mine, which contains the world's largest copper and gold reserves.
FCX is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of B and VGM Score of B. Shares are up 4.9% over the past one week and up 9.5% over the past four weeks.
FCX has lost 9.6% in the last one-year period as well. Looking at trading volume, an average of 10,626,922 shares exchanged hands over the last 20 trading days.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2025.
The Zacks Consensus Estimate has increased £0.07 to £1.69 per share.
FCX boasts an average earnings surprise of 10.5%.
FCX should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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This article originally published on Zacks Investment Research (zacks.com).[3]
References
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- ^ This article originally published on Zacks Investment Research (zacks.com). (www.zacks.com)
- ^ Zacks Investment Research (www.zacks.com)