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

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Zacks Research raised their Q2 2024 earnings per share estimates for Freeport-McMoRan in a research report issued on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will earn $0.36 per share for the quarter, up from their prior forecast of $0.33. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.57 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.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) 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 quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share.

A number of other analysts have also recently commented on the company. Scotiabank upped their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research report on Tuesday, April 9th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Finally, Raymond James upped their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Stock Down 1.1 %

Freeport-McMoRan stock opened at $49.61 on Friday. The stock has a market cap of $71.16 billion, a PE ratio of 39.06, a price-to-earnings-growth ratio of 2.30 and a beta of 2.04. 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 has a one year low of $32.83 and a one year high of $52.42. The stock has a fifty day moving average of $43.57 and a 200 day moving average of $39.94.

Freeport-McMoRan Announces Dividend

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

Institutional Trading of Freeport-McMoRan

Institutional investors have recently made changes to their positions in the business. Fairfield Bush & CO. bought a new position in Freeport-McMoRan during the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $27,000. KB Financial Partners LLC bought a new position in Freeport-McMoRan during the first quarter valued at approximately $26,000. Jones Financial Companies Lllp boosted its stake in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. Finally, Retirement Group LLC boosted its stake in Freeport-McMoRan by 97.1% during the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 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 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.