First Quantum Minerals (FQVLF) Soars 5.0%: Is Further Upside Left in the Stock?

First Quantum Minerals (FQVLF) shares ended the last trading session 5% higher at $30.17. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.2% gain over the past four weeks.

The company shares have risen following reports that Panama is set to publish the final report of the comprehensive audit of the Cobre Panamá mine. The document prepared by SGS Panamá Control Services will be publicly accessible.  The project's future rests on these findings and the ultimate decision of President José Raúl Mulino. 

With 3 billion tons of proven and probable mineral reserves, Cobre Panamá is one of the largest copper mines opened globally in the past decade. Production at Cobre Panamá has been halted since November 2023 and placed into a phase of Preservation and Safe Management. This was after the country’s highest court unanimously ruled that the terms of its contract were unconstitutional amid nationwide protests.

This metal and minerals mining company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +300%. Revenues are expected to be $1.4 billion, up 14.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For First Quantum Minerals, the consensus EPS estimate for the quarter has been revised 43.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on FQVLF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

First Quantum Minerals is part of the Zacks Mining - Non Ferrous industry. Freeport-McMoRan (FCX), another stock in the same industry, closed the last trading session 3.5% higher at $65.87. FCX has returned 11.8% in the past month.

Freeport-McMoRan's consensus EPS estimate for the upcoming report has changed -0.8% over the past month to $0.6. Compared to the company's year-ago EPS, this represents a change of +11.1%. Freeport-McMoRan currently boasts a Zacks Rank of #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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