Freeport-McMoRan Slides 5.3%, Hits 80-Day Average Support After 19.6% Drop
Freeport-McMoRan plunged 5.3% to $56.19, extending a 19.6% slide from its Feb. 25 high and nearing its 80-day moving average as oil prices climb and the U.S. dollar strengthens. Q1 EPS of $0.49 (up 104%) on $5.61 billion revenue, with full-year EPS of $2.55 (+44%) on $27.66 billion sales (+6.7%).
1. Share Performance and Technical Setup
Freeport-McMoRan shares fell 5.3% to $56.19, extending a 19.6% slide from the Feb. 25 record high as surging oil prices and a stronger U.S. dollar weigh on copper demand. The stock now trades near its 80-day moving average with a 14-day RSI of 35, nearing oversold territory.
2. Consensus Earnings Forecasts and Valuation
Analysts forecast Q1 EPS of $0.49, up 104% year-over-year, on $5.61 billion revenue, while full-year estimates call for EPS of $2.55 (+44%) on $27.66 billion sales (+6.7%). The stock trades at a forward P/E of 23.3 versus the 24.1 industry average and a PEG ratio of 0.7 compared to the 1.91 industry norm, with a neutral consensus rating.