Freeport-McMoRan (NYSE:FCX) Announces Quarterly Earnings Results

Freeport-McMoRan (NYSE:FCX - Get Free Report) issued its quarterly earnings results on Thursday. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05), Zacks reports. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%.

Freeport-McMoRan Stock Down 1.5 %

NYSE:FCX traded down $0.60 during mid-day trading on Thursday, hitting $38.49. 30,468,982 shares of the company's stock traded hands, compared to its average volume of 14,169,315. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $55.31 billion, a P/E ratio of 28.10, a P/E/G ratio of 2.44 and a beta of 1.87. The company has a fifty day moving average of $41.01 and a 200 day moving average of $44.08. Freeport-McMoRan has a twelve month low of $36.26 and a twelve month high of $55.24.

Analysts Set New Price Targets

FCX has been the topic of several research reports. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Scotiabank cut their price target on Freeport-McMoRan from $52.00 to $48.00 and set a "sector perform" rating on the stock in a research note on Monday, January 6th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Finally, StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $52.42.

About Freeport-McMoRan

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.