Freeport-McMoRan Inc. Plans Quarterly Dividend of $0.07 (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) announced a quarterly dividend on Wednesday, June 24th. Stockholders of record on Wednesday, July 15th will be given a dividend of 0.075 per share by the natural resource company on Monday, August 3rd. This represents a c) dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th.

Freeport-McMoRan has raised its dividend by an average of 0.6%annually over the last three years. Freeport-McMoRan has a dividend payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Freeport-McMoRan to earn $3.50 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 8.6%.

Freeport-McMoRan Trading Down 4.0%

Shares of Freeport-McMoRan stock opened at $61.80 on Thursday. 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 business has a fifty day simple moving average of $64.84 and a two-hundred day simple moving average of $60.58. Freeport-McMoRan has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market capitalization of $88.85 billion, a price-to-earnings ratio of 32.87, a P/E/G ratio of 0.78 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. Research analysts forecast that Freeport-McMoRan will post 2.56 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. BMO Capital Markets lifted their price target on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Jefferies Financial Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.27.

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.