Freeport-McMoRan Inc. to Post Q2 2024 Earnings of $0.38 Per Share, Raymond James Forecasts (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Stock analysts at Raymond James increased their Q2 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a note issued to investors on Tuesday, April 2nd. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings of $0.38 per share for the quarter, up from their prior forecast of $0.37. Raymond James has a "Outperform" rating and a $43.00 price target on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.52 per share. Raymond James also issued estimates for Freeport-McMoRan's FY2025 earnings at $1.89 EPS.

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

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

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.30 during midday trading on Friday, reaching $49.48. The company's stock had a trading volume of 14,153,059 shares, compared to its average volume of 13,390,285. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $50.24. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $41.41 and a 200-day moving average price of $39.02. The stock has a market cap of $70.97 billion, a PE ratio of 38.96 and a beta of 2.04.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors have recently modified their holdings of FCX. Boston Partners raised its position in Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company's stock valued at $227,747,000 after buying an additional 5,311,538 shares during the last quarter. Voya Investment Management LLC raised its position in Freeport-McMoRan by 274.6% in the 4th quarter. Voya Investment Management LLC now owns 6,257,523 shares of the natural resource company's stock valued at $266,383,000 after buying an additional 4,587,236 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 14.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,490,074 shares of the natural resource company's stock valued at $1,468,244,000 after buying an additional 4,465,687 shares during the last quarter. Capital Wealth Planning LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at $160,160,000. Finally, Mizuho Markets Americas LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at $141,407,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan's payout ratio is 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.