Freeport-McMoRan Inc. (NYSE:FCX) Forecasted to Earn Q2 2024 Earnings of $0.37 Per Share

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Zacks Research upped their Q2 2024 earnings estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Tuesday, May 7th. Zacks Research analyst A. Barman now forecasts that the natural resource company will post earnings per share of $0.37 for the quarter, up from their prior forecast of $0.36. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.66 per share. Zacks Research also issued estimates for Freeport-McMoRan’s FY2025 earnings at $1.83 EPS.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS.

Other research analysts have also issued research reports about the stock. HSBC raised their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Raymond James raised their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Argus raised their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Bernstein Bank raised their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Down 2.8 %

Freeport-McMoRan stock opened at $49.96 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.52. The firm has a 50 day moving average price of $46.63 and a two-hundred day moving average price of $41.20. The firm has a market cap of $71.66 billion, a price-to-earnings ratio of 44.21, a PEG ratio of 8.19 and a beta of 2.02.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Richard C. Adkerson sold 54,771 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the sale, the chief executive officer now directly owns 3,652,478 shares in the company, valued at $185,472,832.84. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 365,667 shares of company stock worth $18,592,670. Company insiders own 0.78% of the company’s stock.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bruce G. Allen Investments LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Jones Financial Companies Lllp grew its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $32,000. EdgeRock Capital LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $35,000. Finally, American National Bank grew its holdings in shares of Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after purchasing an additional 579 shares in the last quarter. 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.