Scotiabank Research Analysts Lift Earnings Estimates for FCX

Key Points

• Scotiabank raised its FY2026 EPS estimate for Freeport-McMoRan to $3.06 from $3.01 and projects FY2027 EPS of $2.62. The firm maintains a “Sector Outperform” rating and a $77 price target.
• Freeport-McMoRan reported quarterly EPS of $0.74, beating expectations of $0.62, while revenue reached $7.03 billion versus the $6.62 billion consensus estimate. However, revenue declined 7.3% year over year.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $70.27; FCX shares opened at $59.94, down 2.8%.

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Scotiabank raised their FY2026 earnings estimates for Freeport-McMoRan in a report released on Wednesday, July 29th. Scotiabank analyst O. Wowkodaw now expects that the natural resource company will earn $3.06 per share for the year, up from their previous estimate of $3.01. Scotiabank currently has a "Sector Outperform" rating and a $77.00 target price on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $2.75 per share. Scotiabank also issued estimates for Freeport-McMoRan's FY2027 earnings at $2.62 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same period last year, the firm earned $0.54 earnings per share. Freeport-McMoRan's quarterly revenue was down 7.3% on a year-over-year basis.

FCX has been the topic of several other reports. Wells Fargo & Company boosted their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Citigroup reiterated a "positive" rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Freeport-McMoRan Trading Down 2.8%

FCX opened at $59.94 on Thursday. The business has a 50 day simple moving average of $63.66 and a two-hundred day simple moving average of $62.51. The firm has a market capitalization of $86.16 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 0.62 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan has a one year low of $35.15 and a one year high of $72.28.

Institutional Trading of Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in FCX. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan in the fourth quarter worth $25,000. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $29,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter worth about $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan's payout ratio is currently 14.78%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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