Freeport-McMoRan (NYSE:FCX) Announces Earnings Results, Misses Estimates By $0.05 EPS

Freeport-McMoRan (NYSE:FCX) released its quarterly earnings results on Thursday. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05), Zacks reports. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%.

Freeport-McMoRan Stock Down 6.6 %

FCX traded down $2.58 during trading on Thursday, hitting $36.51. 4,101,134 shares of the company’s stock were exchanged, compared to its average volume of 12,150,418. The stock has a market cap of $52.46 billion, a P/E ratio of 26.90, a PEG ratio of 2.44 and a beta of 1.87. The business’s 50 day moving average is $41.01 and its two-hundred day moving average is $44.08. Freeport-McMoRan has a fifty-two week low of $36.26 and a fifty-two week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Jefferies Financial Group lowered their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Scotiabank cut their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

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.