Yahoo Finance Why the Market Dipped But United States Steel (X) Gained Today
The most recent trading session ended with United States Steel (X) standing at $37.17, reflecting a +1.56% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily loss of 0.46%. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.
The the stock of steel maker has fallen by 10.78% in the past month, lagging the Basic Materials sector's loss of 1.93% and the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of United States Steel in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company's earnings per share (EPS) are projected to be $0.83, reflecting a 7.79% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $4.22 billion, reflecting a 5.59% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.26 per share and revenue of $16.61 billion, which would represent changes of -31.08% and -7.98%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for United States Steel. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.96% lower. Currently, United States Steel is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, United States Steel is presently trading at a Forward P/E ratio of 11.22. For comparison, its industry has an average Forward P/E of 10.48, which means United States Steel is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 188, finds itself in the bottom 26% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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United States Steel Corporation (X) : Free Stock Analysis Report
