Freeport-McMoRan - FCX Stock Forecast, Price & News

Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. As of December 31, 2021, it operated approximately 135 wells. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FCX shares. Raymond James decreased their target price on Freeport-McMoRan from $59.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, July 4th. The Goldman Sachs Group decreased their price target on shares of Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating on the stock in a research note on Thursday, July 14th. Royal Bank of Canada boosted their price objective on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the stock a "sector perform" rating in a research report on Friday, April 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. Finally, BNP Paribas upgraded Freeport-McMoRan from a "neutral" rating to an "outperform" rating and set a $34.00 target price for the company in a research report on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Hold" and an average target price of $42.00.

Freeport-McMoRan Trading Up 1.2 %

NYSE:FCX opened at $30.62 on Tuesday. The company has a market cap of $44.38 billion, a P/E ratio of 9.31, a price-to-earnings-growth ratio of 0.32 and a beta of 2.01. Freeport-McMoRan has a twelve month low of $24.80 and a twelve month high of $51.99. The business has a 50 day moving average price of $31.96 and a two-hundred day moving average price of $39.50. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42.

Freeport-McMoRan (NYSE:FCX - Get Rating) last released its earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same period last year, the business posted $0.77 EPS. The firm's revenue for the quarter was down 5.8% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan will post 3.24 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 1.96%. Freeport-McMoRan's payout ratio is presently 9.12%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of the business's stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the transaction, the director now owns 134,400 shares of the company's stock, valued at approximately $5,273,856. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freeport-McMoRan news, Director Sara Grootwassink Lewis purchased 3,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 3rd. The stock was acquired at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the acquisition, the director now owns 13,800 shares of the company's stock, valued at approximately $397,302. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dustan E. Mccoy sold 8,200 shares of the company's stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the sale, the director now owns 134,400 shares in the company, valued at approximately $5,273,856. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.