Raymond James Comments on Freeport-McMoRan Inc.'s Q2 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Analysts at Raymond James boosted their Q2 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings per share of $0.49 for the quarter, up from their prior forecast of $0.38. Raymond James has a "Outperform" rating and a $54.00 price target 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 Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS and Q4 2025 earnings at $0.53 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS.

FCX has been the topic of a number of other research reports. Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a research report on Tuesday. Bank of America raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada reissued a "sector perform" rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank cut their target price on Freeport-McMoRan from $55.00 to $53.00 and set a "sector outperform" rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $52.00 to $51.00 and set a "neutral" rating on the stock in a research report on Wednesday. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.07.

Freeport-McMoRan Stock Up 2.4 %

FCX stock traded up $1.16 during mid-day trading on Thursday, reaching $49.40. The company had a trading volume of 15,961,049 shares, compared to its average volume of 13,933,012. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.35. The company has a market capitalization of $70.86 billion, a price-to-earnings ratio of 43.72, a price-to-earnings-growth ratio of 2.20 and a beta of 2.04. The firm has a fifty day simple moving average of $44.24 and a 200 day simple moving average of $40.20. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.15 per share. 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 1.21%. Freeport-McMoRan's payout ratio is 26.55%.

Institutional Trading of Freeport-McMoRan

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company's stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the last quarter. Fielder Capital Group LLC raised its holdings in shares of Freeport-McMoRan by 6.5% in the first quarter. Fielder Capital Group LLC now owns 8,611 shares of the natural resource company's stock worth $405,000 after acquiring an additional 524 shares during the last quarter. Capital Investment Advisory Services LLC increased its stake in Freeport-McMoRan by 35.8% in the first quarter. Capital Investment Advisory Services LLC now owns 12,242 shares of the natural resource company's stock valued at $576,000 after purchasing an additional 3,229 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Freeport-McMoRan by 0.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 473,307 shares of the natural resource company's stock valued at $22,255,000 after purchasing an additional 3,053 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its stake in Freeport-McMoRan by 22.8% in the first quarter. Aaron Wealth Advisors LLC now owns 343,463 shares of the natural resource company's stock valued at $16,150,000 after purchasing an additional 63,799 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.