Brokers Set Expectations for Freeport-McMoRan Inc.'s Q1 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Raymond James lowered their Q1 2024 earnings estimates for Freeport-McMoRan in a report issued on Tuesday, April 2nd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.25 per share for the quarter, down from their previous estimate of $0.37. Raymond James currently has a "Outperform" rating and a $43.00 target price on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.57 per share. Raymond James also issued estimates for Freeport-McMoRan's Q3 2024 earnings at $0.46 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.53 EPS, Q1 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.48 EPS and Q4 2025 earnings at $0.52 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The company's quarterly revenue was up 2.6% compared to the same quarter last year.

A number of other equities research analysts also recently issued reports on FCX. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $55.00 price target on shares of Freeport-McMoRan in a research note on Thursday, January 25th. UBS Group decreased their price target on shares of Freeport-McMoRan from $42.00 to $41.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 13th. Morgan Stanley decreased their price target on shares of Freeport-McMoRan from $41.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Thursday, December 7th. Eight Capital set a $55.00 price target on shares of Freeport-McMoRan and gave the company a "buy" rating in a research note on Wednesday, December 6th. Finally, Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and upped their price target for the company from $41.00 to $48.50 in a research note on Monday, January 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $44.95.

Freeport-McMoRan Price Performance

Shares of FCX stock traded down $0.42 during mid-day trading on Thursday, hitting $49.19. The company had a trading volume of 24,831,329 shares, compared to its average volume of 13,383,150. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $50.24. The stock's 50 day moving average price is $41.22 and its 200-day moving average price is $38.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The company has a market capitalization of $70.56 billion, a P/E ratio of 38.73 and a beta of 2.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cape ANN Savings Bank boosted its holdings in shares of Freeport-McMoRan by 1.6% in the second quarter. Cape ANN Savings Bank now owns 15,588 shares of the natural resource company's stock valued at $624,000 after acquiring an additional 250 shares during the period. FinTrust Capital Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 5.1% in the fourth quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company's stock valued at $200,000 after acquiring an additional 253 shares during the period. Fulton Bank N.A. boosted its holdings in shares of Freeport-McMoRan by 2.6% in the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company's stock valued at $451,000 after acquiring an additional 267 shares during the period. Drive Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company's stock valued at $419,000 after acquiring an additional 267 shares during the period. Finally, West Michigan Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 4.0% in the fourth quarter. West Michigan Advisors LLC now owns 6,899 shares of the natural resource company's stock valued at $294,000 after acquiring an additional 268 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.22%. Freeport-McMoRan's payout ratio is currently 23.62%.

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.