Freeport-McMoRan (NYSE:FCX) PT Raised to $54.00 at Raymond James

Freeport-McMoRan (NYSE:FCX) had its price objective raised by investment analysts at Raymond James from $49.50 to $54.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the natural resource company’s stock. Raymond James’ target price suggests a potential upside of 9.31% from the stock’s previous close. Raymond James also issued estimates for Freeport-McMoRan’s Q2 2024 earnings at $0.49 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

A number of other brokerages have also recently weighed in on FCX. HSBC upped their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Tuesday, April 9th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. Bernstein Bank increased their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Price Performance

Shares of FCX opened at $49.40 on Wednesday. The stock has a market cap of $70.86 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.20 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The firm’s 50-day simple moving average is $44.24 and its two-hundred day simple moving average is $40.20.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. Analysts anticipate that Freeport-McMoRan will post 1.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FCX. Avior Wealth Management LLC raised its position in Freeport-McMoRan by 41.2% in the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock worth $63,000 after acquiring an additional 490 shares during the period. CX Institutional raised its position in Freeport-McMoRan by 6.2% in the third quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock worth $382,000 after acquiring an additional 597 shares during the period. Fiduciary Alliance LLC raised its position in Freeport-McMoRan by 12.8% in the third quarter. Fiduciary Alliance LLC now owns 184,685 shares of the natural resource company’s stock worth $6,887,000 after acquiring an additional 20,931 shares during the period. Czech National Bank raised its position in Freeport-McMoRan by 47.7% in the third quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock worth $9,344,000 after acquiring an additional 80,898 shares during the period. Finally, Aaron Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 4.7% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock valued at $10,410,000 after purchasing an additional 12,414 shares during the period. 80.77% of the stock is currently owned by institutional investors.

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.