Freeport-McMoRan Inc. (NYSE:FCX) Forecasted to Earn Q3 2024 Earnings of $0.51 Per Share

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James increased their Q3 2024 earnings estimates for 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 per share of $0.51 for the quarter, up from their prior forecast of $0.46. Raymond James has a “Outperform” rating and a $54.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.67 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

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

Several other equities research analysts also recently issued reports on FCX. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. Scotiabank reduced their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $50.50 on Friday. The company has a current ratio of 2.35, a quick ratio of 1.38 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $72.44 billion, a P/E ratio of 44.69, a P/E/G ratio of 8.00 and a beta of 2.04. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a 50 day moving average of $44.70 and a 200-day moving average of $40.38.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp boosted its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares in the last quarter. American National Bank increased its stake in shares of Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after purchasing an additional 579 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $32,000. Finally, BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth $28,000. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

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.