Q2 2024 EPS Estimates for Freeport-McMoRan Inc. (NYSE:FCX) Raised by Analyst

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Zacks Research increased their Q2 2024 earnings per share estimates for shares of Freeport-McMoRan in a research note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman now forecasts that the natural resource company will post earnings per share of $0.36 for the quarter, up from their prior estimate of $0.33. 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 Q3 2024 earnings at $0.41 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $1.50 EPS, Q2 2025 earnings at $0.49 EPS and Q3 2025 earnings at $0.58 EPS.

A number of other brokerages have also recently commented on FCX. Sanford C. Bernstein upgraded 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 research note on Monday, January 8th. Raymond James increased their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Scotiabank increased their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Trading Up 0.7 %

Shares of FCX stock opened at $50.16 on Friday. The stock’s fifty day moving average price is $43.32 and its two-hundred day moving average price is $39.82. The company has a market cap of $71.95 billion, a PE ratio of 39.50, a P/E/G ratio of 2.25 and a beta of 2.04. 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 0.32, a quick ratio of 1.38 and a current ratio of 2.42.

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

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds have recently added to or reduced their stakes in FCX. Fairfield Bush & CO. bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. KB Financial Partners LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $26,000. Bruce G. Allen Investments LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. Retirement Group LLC lifted its position in shares of Freeport-McMoRan by 97.1% during the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after buying an additional 330 shares in the last quarter. Finally, BluePath Capital Management LLC bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $28,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

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.