FY2027 Earnings Estimate for FCX Issued By Zacks Research

Key Points

• Zacks Research has decreased its FY2027 earnings per share estimate for Freeport-McMoRan from $2.55 to $2.51, while the current full-year consensus estimate stands at $1.68.
• Various analysts have adjusted their ratings on the stock, with HSBC Global Res downgrading it to "hold," while Citigroup raised its price target from $44.00 to $48.00.
• Freeport-McMoRan reported earnings of $0.54 per share for the last quarter, exceeding expectations, with a significant revenue increase of 14.5% year-over-year to $7.58 billion.

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Zacks Research decreased their FY2027 EPS estimates for shares of Freeport-McMoRan in a report issued on Tuesday, September 16th. Zacks Research analyst Team now expects that the natural resource company will post earnings of $2.51 per share for the year, down from their prior estimate of $2.55. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.68 per share.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 EPS.

A number of other brokerages have also weighed in on FCX. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Scotiabank boosted their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 9th. Finally, Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $51.33.

Freeport-McMoRan Trading Up 0.1%

Shares of FCX traded up $0.03 during trading hours on Wednesday, reaching $44.96. 21,115,490 shares of the company traded hands, compared to its average volume of 11,596,498. The company's fifty day moving average price is $43.57 and its two-hundred day moving average price is $40.42. The company has a market capitalization of $64.55 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $52.61.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Portside Wealth Group LLC grew its position in shares of Freeport-McMoRan by 0.8% during the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company's stock worth $1,315,000 after purchasing an additional 245 shares in the last quarter. Hollencrest Capital Management boosted its position in shares of Freeport-McMoRan by 0.6% during the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company's stock valued at $1,957,000 after buying an additional 250 shares during the period. Waterloo Capital L.P. boosted its position in shares of Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company's stock valued at $289,000 after buying an additional 251 shares during the period. Strengthening Families & Communities LLC boosted its holdings in shares of Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock valued at $1,822,000 after purchasing an additional 261 shares during the period. Finally, WealthCollab LLC boosted its holdings in shares of Freeport-McMoRan by 17.1% in the second quarter. WealthCollab LLC now owns 1,820 shares of the natural resource company's stock valued at $79,000 after purchasing an additional 266 shares during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

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.