Freeport-McMoRan (NYSE:FCX) Issues Quarterly Earnings Results

Freeport-McMoRan (NYSE:FCX) issued its earnings results on Wednesday. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12, FiscalAI reports. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $61.86 on Friday. Freeport-McMoRan has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a 50-day moving average of $63.59 and a 200-day moving average of $62.33. The company has a market cap of $88.92 billion, a P/E ratio of 33.76, a P/E/G ratio of 0.64 and a beta of 1.37.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $560,000. Brighton Jones LLC raised its holdings in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC lifted its stake in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Capital Analysts LLC lifted its stake in Freeport-McMoRan by 7.4% in the fourth quarter. Capital Analysts LLC now owns 3,018 shares of the natural resource company’s stock valued at $153,000 after purchasing an additional 208 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its stake in Freeport-McMoRan by 11.1% in the fourth quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock valued at $93,000 after purchasing an additional 184 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74, above estimates of $0.62, on revenue of $7.03 billion versus expectations of about $6.6 billion, signaling better-than-expected operating performance. Freeport-McMoRan earnings transcript
• Positive Sentiment: Higher realized metal prices helped offset lower copper and gold volumes, and reports highlighted a sharp increase in net income, reinforcing the earnings beat. FCX’s Q2 Earnings and Revenues Top Estimates on Higher Metal Prices
• Positive Sentiment: Stifel Nicolaus raised its price target on FCX to $80, suggesting at least one analyst sees more upside after the results. Stifel Nicolaus Raises Freeport-McMoRan Price Target
• Neutral Sentiment: Management’s update pointed to a softer near-term copper sales outlook, including a weaker Q3 view, which may temper enthusiasm even after the earnings beat. FCX Stock Falls Amid Soft Q3 Outlook As Copper Price Slips
• Negative Sentiment: Lower operating rates at Grasberg weighed on revenue and contributed to investor concern about production momentum, helping explain why the stock has been under pressure despite the earnings beat. Freeport-McMoRan slips as lower Grasberg operating rates weigh on Q2 revenue

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FCX shares. Raymond James Financial decreased their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Scotiabank raised their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. BNP Paribas Exane lifted their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Barclays increased their price objective on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.04.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.