Q1 2024 Earnings Forecast for Freeport-McMoRan Inc. (NYSE:FCX) Issued By Zacks Research

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Zacks Research reduced their Q1 2024 EPS estimates for Freeport-McMoRan in a report issued on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will earn $0.30 per share for the quarter, down from their prior 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.

A number of other analysts also recently weighed in on the company. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $41.00 to $48.50 in a report on Monday, January 8th. Scotiabank lifted their target price on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Trading Down 1.1 %

FCX opened at $49.62 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company’s 50 day moving average price is $43.57 and its two-hundred day moving average price is $39.91. The firm has a market capitalization of $71.18 billion, a price-to-earnings ratio of 39.07, a PEG ratio of 2.25 and a beta of 2.04.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.21%. Freeport-McMoRan’s payout ratio is 23.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after acquiring an additional 305,912 shares in the last quarter. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 0.7% during the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock valued at $2,543,676,000 after acquiring an additional 419,603 shares during the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after purchasing an additional 1,030,451 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 14.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,490,074 shares of the natural resource company’s stock valued at $1,468,244,000 after purchasing an additional 4,465,687 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Freeport-McMoRan by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after purchasing an additional 472,160 shares during the last quarter. 80.77% of the stock is currently 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.