Equities Analysts Offer Predictions for Freeport-McMoRan Inc.’s Q2 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Research analysts at Zacks Research raised their Q2 2024 earnings estimates for shares of Freeport-McMoRan in a note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will earn $0.36 per share for the quarter, up from their prior estimate of $0.33. 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 Q3 2024 earnings at $0.41 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $1.50 EPS, Q2 2025 earnings at $0.49 EPS and Q3 2025 earnings at $0.58 EPS.

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

Several other equities research analysts have also recently commented on the stock. Sanford C. Bernstein upgraded shares of 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 target price on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Raymond James upped their price target on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Finally, Scotiabank raised their price objective on Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Trading Down 1.1 %

Shares of Freeport-McMoRan stock opened at $49.62 on Friday. The business has a fifty day simple moving average of $43.57 and a 200-day simple moving average of $39.91. Freeport-McMoRan has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The firm has a market cap of $71.18 billion, a price-to-earnings ratio of 39.07, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 0.3% in 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 last quarter. Capital Research Global Investors boosted its stake in shares of 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 worth $2,543,676,000 after acquiring an additional 419,603 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of 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 acquiring an additional 1,030,451 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 14.9% in 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 acquiring an additional 4,465,687 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Freeport-McMoRan by 1.9% during the first quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock worth $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 and hedge funds.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.21%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

Freeport-McMoRan Company Profile

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.