Scotiabank Forecasts Higher Earnings for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Scotiabank increased their FY2026 earnings estimates for Freeport-McMoRan in a research report issued to clients and investors on Wednesday, July 29th. Scotiabank analyst O. Wowkodaw now forecasts that the natural resource company will post earnings of $3.06 per share for the year, up from their prior forecast of $3.01. Scotiabank currently has a “Sector Outperform” rating and a $77.00 target price on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $2.75 per share. Scotiabank also issued estimates for Freeport-McMoRan’s FY2027 earnings at $2.62 EPS.

Several other equities analysts have also recently weighed in on the company. Barclays increased their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Monday. CICC Research reduced their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. UBS Group boosted their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Trading Down 2.8%

NYSE:FCX opened at $59.94 on Thursday. The company has a market cap of $86.16 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a 50 day simple moving average of $63.66 and a two-hundred day simple moving average of $62.51. Freeport-McMoRan has a 12 month low of $35.15 and a 12 month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year.

Freeport-McMoRan Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Hedge Funds Weigh In On Freeport-McMoRan

Several hedge funds have recently modified their holdings of FCX. First Community Trust NA purchased a new stake in Freeport-McMoRan in the 2nd quarter worth $46,000. Family Wealth Partners LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $208,000. Tema ETFs LLC increased its stake in Freeport-McMoRan by 10.4% during the second quarter. Tema ETFs LLC now owns 27,662 shares of the natural resource company’s stock worth $1,740,000 after acquiring an additional 2,610 shares during the last quarter. Fiduciary Financial Group LLC increased its position in shares of Freeport-McMoRan by 2.6% during the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. Finally, Doliver Advisors LP increased its position in Freeport-McMoRan by 13.6% during the second quarter. Doliver Advisors LP now owns 12,925 shares of the natural resource company’s stock valued at $813,000 after acquiring an additional 1,545 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.