Q1 2024 EPS Estimates for Freeport-McMoRan Inc. Reduced by Analyst (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Zacks Research cut their Q1 2024 earnings per share estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Wednesday, April 17th. Zacks Research analyst A. Barman now expects that the natural resource company will post earnings of $0.30 per share for the quarter, down from their previous estimate of $0.35. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year.

Several other brokerages also recently issued reports on FCX. Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Raymond James lifted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Trading Up 0.7 %

Shares of FCX opened at $50.16 on Thursday. The stock has a fifty day moving average price of $43.32 and a two-hundred day moving average price of $39.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.42. The company has a market cap of $71.95 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 2.23 and a beta of 2.04.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in FCX. Fairfield Bush & CO. acquired a new position in Freeport-McMoRan in the first quarter valued at about $26,000. KB Financial Partners LLC acquired a new position in Freeport-McMoRan in the first quarter valued at about $26,000. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at about $27,000. Retirement Group LLC grew its stake in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after acquiring an additional 330 shares during the period. Finally, BluePath Capital Management LLC acquired a new position in Freeport-McMoRan in the third quarter valued at about $28,000. 80.77% of the stock is owned by institutional investors and hedge funds.

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.