Freeport-McMoRan (NYSE:FCX) Releases Quarterly Earnings Results

Freeport-McMoRan (NYSE:FCX - Get Free Report) issued its quarterly earnings results on Tuesday. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05, Briefing.com reports. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company's revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS.

Freeport-McMoRan Stock Down 1.9 %

FCX stock traded down $0.95 during mid-day trading on Tuesday, reaching $48.00. The company had a trading volume of 19,436,847 shares, compared to its average volume of 13,933,710. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The company has a market capitalization of $68.85 billion, a price-to-earnings ratio of 37.64, a price-to-earnings-growth ratio of 2.28 and a beta of 2.04. The firm has a fifty day simple moving average of $43.80 and a 200 day simple moving average of $40.06.

Freeport-McMoRan Announces Dividend

The business also recently declared 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. This represents a $0.60 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan's dividend payout ratio is currently 23.62%.

Analysts Set New Price Targets

FCX has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 17th. Bernstein Bank boosted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a report on Tuesday. Bank of America raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Sanford C. Bernstein raised Freeport-McMoRan from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.15.

About Freeport-McMoRan

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.