Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $68.00 at Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Freeport-McMoRan to $68 (from $77) while maintaining an overweight rating, implying roughly a 10.8% upside from the current price.
• Other brokers have also adjusted targets (e.g., Scotiabank to $67, Deutsche Bank to $68, Morgan Stanley to $66), leaving the consensus average target at $65.66 and the street rating at a Moderate Buy.
• Fundamentals are mixed: FCX beat Q1 EPS estimates but cut 2026/27 copper sales by about 300 million pounds due to a slower Grasberg ramp, which triggered an ~10% intraday share drop and added near-term downside risk while insiders executed notable share sales.

Freeport-McMoRan (NYSE:FCX - Get Free Report) had its target price decreased by equities researchers at Wells Fargo & Company from $77.00 to $68.00 in a note issued to investors on Friday,MarketScreener reports. The firm presently has an "overweight" rating on the natural resource company's stock. Wells Fargo & Company's price target points to a potential upside of 10.82% from the company's current price.

Other research analysts have also issued research reports about the stock. Scotiabank cut their price target on shares of Freeport-McMoRan from $71.00 to $67.00 and set a "sector perform" rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday. Jefferies Financial Group set a $75.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. Morgan Stanley reissued an "equal weight" rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday. Finally, BNP Paribas Exane boosted their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the stock an "outperform" rating in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.66.

Freeport-McMoRan Stock Down 0.2%

FCX traded down $0.12 during trading on Friday, reaching $61.36. The company had a trading volume of 3,672,660 shares, compared to its average volume of 19,804,770. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan has a 12 month low of $34.45 and a 12 month high of $70.96. The business's fifty day moving average price is $62.50 and its 200 day moving average price is $53.64. The company has a market cap of $88.19 billion, a P/E ratio of 40.68, a PEG ratio of 0.81 and a beta of 1.48.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $6.40 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The business's revenue was up 8.8% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan will post 2.54 EPS for the current year.

Insider Buying and Selling at Freeport-McMoRan

In related news, CFO Maree E. Robertson sold 48,500 shares of the business's stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the company's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. This represents a 6.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last 90 days. Company insiders own 0.75% of the company's stock.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently modified their holdings of the stock. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Freeport-McMoRan in the third quarter valued at about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan during the fourth quarter worth about $25,000. Salomon & Ludwin LLC lifted its position in Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company's stock worth $29,000 after purchasing an additional 687 shares during the period. Steph & Co. lifted its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares during the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $29,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Q1 EPS and revenue beat estimates (EPS $0.57 vs. ~$0.47 consensus) driven by higher copper, gold and molybdenum prices, supporting near-term profitability. Article Title
• Positive Sentiment: Commodity tailwinds: rising copper prices were a key driver of the beat and underpin medium-term cash flow expectations for FCX. Article Title
• Positive Sentiment: Upgraded analyst views and higher price targets ahead of the quarter (e.g., Deutsche Bank raised its target), supporting longer-term bullish thesis. Article Title
• Neutral Sentiment: Company released Q1 presentation, press release and full earnings call transcript — useful for modeling but not market-moving by itself. Article Title
• Neutral Sentiment: Full earnings call transcripts are available for deeper read on management commentary and timeline for Grasberg ramp. Article Title
• Negative Sentiment: Company cut 2026 (and 2027) copper sales volume by ~300 million pounds due to a slower-than-expected ramp at Grasberg after last year’s fatal mud rush — this materially reduces near-term supply and revenue outlook. Article Title
• Negative Sentiment: Market reaction: shares plunged (~10% intraday reported) after the production downgrade despite the earnings beat — the production miss dominates near-term valuation. Article Title
• Negative Sentiment: Analyst downward revisions: some firms (e.g., Scotiabank) trimmed earnings estimates following the weaker output outlook, adding pressure to near-term sentiment and target-price revisions. Article Title

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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