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.

Freeport-McMoRan Stock Down 1.9 %

Shares of NYSE:FCX opened at $30.05 on Wednesday. The company has a market capitalization of $43.55 billion, a price-to-earnings ratio of 9.13, a price-to-earnings-growth ratio of 0.32 and a beta of 2.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94. The business has a 50-day moving average of $31.78 and a two-hundred day moving average of $39.44. Freeport-McMoRan has a 1 year low of $24.80 and a 1 year high of $51.99.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, July 14th. Freeport-McMoRan's dividend payout ratio (DPR) is 9.12%.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $62.00 to $56.00 and set an "outperform" rating for the company in a research note on Friday, April 22nd. Citigroup lifted their price objective on Freeport-McMoRan from $28.00 to $29.00 in a research note on Friday, July 22nd. Exane BNP Paribas raised Freeport-McMoRan from a "neutral" rating to an "outperform" rating and set a $34.00 price objective for the company in a research note on Wednesday, July 13th. The Goldman Sachs Group decreased their target price on Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating for the company in a report on Thursday, July 14th. Finally, Clarkson Capital reiterated a "neutral" rating on shares of Freeport-McMoRan in a report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Hold" and a consensus price target of $42.00.

Insider Activity

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