Q1 2024 EPS Estimates for Freeport-McMoRan Inc. Reduced by Analyst (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Zacks Research dropped their Q1 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will post earnings of $0.30 per share for the quarter, down from their previous forecast of $0.35. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS.

Several other research firms have also commented on FCX. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday. Scotiabank boosted their price target on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, April 9th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $50.16 on Thursday. The stock’s 50 day moving average price is $43.32 and its 200 day moving average price is $39.82. The firm has a market capitalization of $71.95 billion, a PE ratio of 39.50, a price-to-earnings-growth ratio of 2.23 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. Freeport-McMoRan has a one year low of $32.83 and a one year high of $52.42.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently made changes to their positions in FCX. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares during the period. Capital Research Global Investors boosted its position in Freeport-McMoRan by 0.7% during the 4th quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock valued at $2,543,676,000 after purchasing an additional 419,603 shares during the period. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock valued at $2,371,604,000 after purchasing an additional 1,030,451 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 14.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,490,074 shares of the natural resource company’s stock valued at $1,468,244,000 after purchasing an additional 4,465,687 shares during the period. Finally, Geode Capital Management LLC boosted its position in Freeport-McMoRan by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after purchasing an additional 472,160 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is 23.62%.

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.