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 Performance

Freeport-McMoRan stock traded up $0.29 during mid-day trading on Monday, reaching $30.56. 657,263 shares of the company's stock were exchanged, compared to its average volume of 19,779,172. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. The business's fifty day simple moving average is $32.14 and its 200 day simple moving average is $39.58. Freeport-McMoRan has a one year low of $24.80 and a one year high of $51.99. The firm has a market capitalization of $44.29 billion, a PE ratio of 9.20, a P/E/G ratio of 0.32 and a beta of 2.01.

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 company 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 firm posted $0.77 EPS. The company's revenue was down 5.8% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan will post 3.24 earnings per share for the current 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 paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.60 dividend on an annualized basis and a yield of 1.96%. Freeport-McMoRan's payout ratio is presently 9.12%.

Analyst Ratings Changes

FCX has been the subject of a number of research analyst reports. Citigroup increased their target price on shares of Freeport-McMoRan from $28.00 to $29.00 in a research report on Friday, July 22nd. BNP Paribas upgraded shares of 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. Raymond James decreased their target price on shares of Freeport-McMoRan from $59.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, July 4th. Royal Bank of Canada upped their price target on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the company a "sector perform" rating in a report on Friday, April 22nd. Finally, The Goldman Sachs Group cut their price target on shares of Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating for the company in a report on Thursday, July 14th. One 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 data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $42.00.

Insider Buying and Selling

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