Freeport-McMoRan Inc. Expected to Earn Q1 2024 Earnings of $0.30 Per Share (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Research analysts at Zacks Research lowered their Q1 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a research note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman now expects that the natural resource company will earn $0.30 per share for the quarter, down from their prior forecast of $0.35. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan's Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

FCX has been the subject of several other reports. Raymond James raised their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an "outperform" rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Wednesday. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $41.00 to $48.50 in a research note on Monday, January 8th. Bank of America raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target for the company in a research note on Tuesday, April 9th. Finally, Scotiabank raised their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $47.54.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.34 during trading on Thursday, hitting $50.16. 15,708,393 shares of the stock traded hands, compared to its average volume of 13,735,705. The company has a market capitalization of $71.95 billion, a P/E ratio of 39.50, a price-to-earnings-growth ratio of 2.23 and a beta of 2.04. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42. The firm has a 50-day simple moving average of $43.32 and a 200-day simple moving average of $39.82. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Requisite Capital Management LLC lifted its position in Freeport-McMoRan by 20.7% during the 1st quarter. Requisite Capital Management LLC now owns 10,881 shares of the natural resource company's stock worth $512,000 after acquiring an additional 1,868 shares during the period. Buffington Mohr McNeal lifted its position in Freeport-McMoRan by 4.5% during the 1st quarter. Buffington Mohr McNeal now owns 113,718 shares of the natural resource company's stock worth $5,347,000 after acquiring an additional 4,913 shares during the period. MV Capital Management Inc. lifted its position in Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company's stock worth $37,000 after acquiring an additional 221 shares during the period. Congress Wealth Management LLC DE lifted its position in Freeport-McMoRan by 1.2% during the 1st quarter. Congress Wealth Management LLC DE now owns 309,607 shares of the natural resource company's stock worth $14,558,000 after acquiring an additional 3,740 shares during the period. Finally, Silvia Mccoll Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $223,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan's dividend payout ratio (DPR) 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.