Freeport-McMoRan Inc. (NYSE:FCX) Expected to Earn Q2 2024 Earnings of $0.49 Per Share

Freeport-McMoRan Inc. (NYSE:FCX) – Investment analysts at Raymond James boosted their Q2 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the natural resource company will post earnings of $0.49 per share for the quarter, up from their previous estimate of $0.38. Raymond James currently has a “Outperform” rating and a $54.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.57 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the business posted $0.52 EPS. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis.

Several other equities analysts have also recently weighed in on the company. Scotiabank cut their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Tuesday, April 9th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Bernstein Bank boosted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.77.

Freeport-McMoRan Trading Up 0.5 %

NYSE:FCX opened at $48.24 on Thursday. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The stock has a market capitalization of $69.20 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 2.20 and a beta of 2.04. The business’s 50-day simple moving average is $44.02 and its 200-day simple moving average is $40.14.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after purchasing an additional 305,912 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 0.7% during the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after acquiring an additional 419,603 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Freeport-McMoRan by 4.2% during the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock worth $662,123,000 after acquiring an additional 709,114 shares during the last quarter. Finally, Putnam Investments LLC increased its holdings in shares of Freeport-McMoRan by 3.7% during the 4th quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after acquiring an additional 595,395 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.